The American people - and New Yorkers in particular - achieved a major victory yesterday when the House of Representatives extended the Terrorism Risk Insurance program (TRIA) by a vote of 417-7. This program was established after builders and developers could not obtain terrorism risk insurance to rebuild New York or to build large projects anywhere in the country. Basically it says that the federal government will pay 80% of all costs resulting from a large scale terrorist attack. Since TRIA was enacted, there have been billions of dollars in projects, jobs and revenues. And not one federal dollar has been spent and not even one federal employee is involved in TRIA. Despite this success there was a major effort in the House to gut TRIA rather than extend it beyond Dec. 31st which was its legislative expiration date. I am proud to say that I led the successful fight in the House to extend TRIA for another six years. It was a tough hard fight which went down to the wire but we got it done. Now I am hopeful that the Senate will pass it as well.
Posted on: Thu, 11 Dec 2014 17:17:01 +0000
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