Email Your Senators to Oppose the Terrorism Risk Insurance Program Reauthorization Act
This week, the Senate will vote on the Terrorism Risk Insurance Program Reauthorization Act of 2014 (S. 2244). Introduced by Sen. Charles Schumer (D-NY) 9%, the bill would extend the Terrorism Risk Insurance Act (TRIA) — a temporary program passed in the aftermath the September 11th terrorist attacks — for seven years while making only minor changes to the program.
The purpose of TRIA, as stated in the 2002 legislation, was “to establish a temporary Federal program that provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism” to “allow for a transitional period for the private markets to stabilize.” Two years later, Heritage’s Diane Katz, a research fellow in regulatory policy, explains “insurance industry today is well-capitalized, and fully equipped with the resources necessary to provide terrorism risk coverage without government subsidies.”
Rather than beginning the long-overdue wind down to this temporary program, S. 2244 ensures taxpayers will continue to be on the hook for private sector losses that the insurance industry is well-positioned to handle.
Use the POPVOX form below to e-mail your Senators to oppose the Terrorism Risk Insurance Program Reauthorization Act (S. 2244):