Following reports that House Republicans lack the votes to pass the harmful TRIA Reform Act, Congresswoman Maxine Waters (D-CA), Ranking Democrat on the Financial Services Committee, called on members of both parties to work together to achieve consensus on the renewal of the Terrorism Risk Insurance Act. 

She released the following statement:

“The TRIA Reform Act does not ensure our largest venues, businesses and employers have affordable access to terrorism insurance coverage.  The lack of support for this legislation makes clear that a majority agree it falls short in protecting our nation’s job creators from the difficult-to-insure risk associated with a potential terrorist attack.

It is now clear that many on the other side of the aisle favor a more traditional approach to reauthorizing this important program. I urge these Republicans to work with Democrats in a good faith effort to achieve consensus on legislation that accomplishes this goal.

After conversations with a wide range of Democrats, Republicans and industry stakeholders, I believe the issues of concern are clear. Among them are an exorbitant, 500 percent increase to the dollar amount that would trigger the TRIA program, and a nonsensical disparity in the treatment of conventional attacks versus those that are nuclear, biological, chemical, and radiological.

Tomorrow, the U.S. Senate is likely to pass bipartisan legislation to renew TRIA without delay. Until the House does the same, the uncertainty and instability that for months has plagued our largest venues, businesses and employers will continue unabated.”

Over the past several weeks, Waters has had ongoing conversations with Democratic members of the Financial Services Committee and Democratic leadership, as well as Republicans like Rep. Peter King and representatives from a wide array of policyholders and other stakeholders.

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