Following the United States Senate’s passage of legislation to extend the Terrorism Risk Insurance Act for seven years, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, praised the chamber’s action, and its strong bipartisan vote of 93-4. Over the past several weeks, Waters has been engaged in productive discussions with Democrats, Republicans and President Obama on the importance of renewing the program.

She released the following statement:

“Once again, the United States Senate has taken action on legislation that is important for our economy, while the House of Representatives remains mired in Republican infighting. I’m concerned that even as the most conservative members of the Senate support renewing the Terrorism Risk Insurance Act, the House is picking an ideological fight where there clearly is none.

Similar to flood insurance reform and renewal of the Export-Import Bank’s charter, Democrats are looking to strike bipartisan consensus on measures that create jobs and propel our economy forward. Unfortunately, the Republican agenda seems to be fostering uncertainty and hamstringing those who are ensuring economic growth and stability. Enacted to provide certainty in the aftermath of the September 11th attacks on our nation, TRIA is essential to doing so.

Now that it is clear Chairman Hensarling’s legislation does not have the votes to pass, the pressure squarely falls on the House of Representatives and its new leader, Kevin McCarthy. In the past, Mr. McCarthy has said he will get TRIA done ‘hell or high water.’ My fellow Democrats and I are willing to work with him to achieve that goal, by drafting a bill that a majority of the House can support.

Following productive discussions with President Obama and members of Congress on both sides of the aisle, I remain convinced that there is ample room for negotiation and compromise on this legislation, which protects our nation’s job creators from the difficult-to-insure risk associated with a potential terrorist attack.”

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