November 16, 2007

Statement of Chairman Dodd on Senate Passage of Terrorism Risk Insurance Act Reauthorization

“This is a tremendous victory for American workers, businesses, and our national infrastructure. The threat of terrorism tragically exists. We need to do everything in our power to protect the long-term security of our people and fortify and strengthen our economy. This measure will do exactly that by helping to ensure that our nation is prepared to deal with future terrorist threats by making insurance available and affordable. I commend Majority Leader Reid, Ranking Member Shelby, and everyone else who has worked so hard to make this day a reality. I look forward to continuing to work to enact this critically important legislation into law.” Senator Dodd helped craft the original Terrorism Risk Insurance Act (TRIA), which was passed by Congress and signed into law after 9/11. TRIA provides a federal backstop against catastrophic losses in the property and casualty insurance marketplace associated with massive terrorism damages. Set to expire at the end of this year, the bill passed today extends the program for seven years through December 31, 2014. Senator Dodd authored the legislation to reauthorize the measure, which was overwhelmingly approved by the Banking Committee on October 17, 2007. He has worked since that time to ensure that the measure could be passed by the full Senate.