The House approved 417-7 the reauthorization of the Terrorism Risk Insurance Act for six years, with reforms to protect taxpayers and a clarification of the Dodd-Frank Act to protect jobs at Main Street businesses that had nothing to do with the 2008 financial crisis.
National Association of Realtors President Chris Polychron said that his trade association supported the measure.
“The six year reauthorization of the Terrorism Risk Insurance Act passed yesterday with overwhelming bipartisan support in the U.S. House of Representatives will provide much needed certainty to the commercial real estate market,” Polychron said. “TRIA provides a crucial framework for economic recovery in the wake of a catastrophic terrorist attack, and allows the United States to maintain a stable terrorism insurance market so employers can invest in properties and create jobs without assuming the risk and liabilities of a terrorist attack.
“The reauthorization is the result of a true compromise between the House and Senate and reduces the federal government’s exposure to risk while making minimal changes to a program that has worked since its inception in 2002 at virtually no cost to taxpayers,” he said.
House Financial Services Committee Chairman Jeb Hensarling, R-Texas likewise applauded the reauthorization.
“This bill before us includes this end-user exemption which is so important. This isn’t for Wall Street. This is for Main Street.” Hensarling said. “It’s for a cattle producer in Kansas named Tracy Brunner who said this mistaken language in Dodd-Frank ‘might very well force me out of the markets and subject to even greater risk. My operation is family run and we’re not responsible for the failures that led to the passage of Dodd-Frank.’ Yet, his family-owned farm in Kansas – which is more than 1,500 miles away from Wall Street – suffers.”