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Maloney praises House leaders for giving Terrorism Insurance a priority

By Bill Parry

After months of debate and negotiation, the House of Representatives passed a bill to extend the Terrorism Risk Insurance Act for an additional six years by a vote of 417-7 Wednesday. U.S. Rep. Carolyn Maloney (D-Astoria), the lead Democratic author on legislation to extend the law, and a key participant in the negotiation of the final bill, hailed the passage as essential to New York’s economy.

“After Sept. 11, it was impossible for businesses to buy the terrorism insurance they needed to move forward with major construction projects,” Maloney said. “Development came to a halt, money for new projects dried up and our economy suffered a devastating blow. Nowhere was that more true in New York. The Terrorism Risk Insurance Act was the solution and it remains the solution. By providing a government backstop, it ensures that terrorism insurance is available and affordable, and the program works at no cost to taxpayers.”

Maloney, a senior member of the House Financial Services Committee, was the lead Democratic cosponsor of the TRIA Reauthorization Act of 2013, which would have extended the program without any changes. Similar legislation proposed by Sen. Charles Schumer passed in the Senate in October but ultimately, Senate Republicans blocked the House legislation in the final hours of the 113th Congress and TRIA expired December 31.”Today, the House took the first step in reviving this vital economic backstop and I strongly urge the Senate to act quickly and renew TRIA,” U.S. Rep. Joe Crowley (D-Jackson Heights) said.

RAND Corp. found that eliminating the program could increase federal spending by as much as $7 billion in the event of a major attack. The bill to extend TRIA now moves to the Senate .

“After months of negotiations, I am so pleased we were able to pass this essential legislation,” Maloney said.

Reach reporter Bill Parry by e-mail at bparr‌y@cng‌local.com or by phone at (718) 260–4538.