House Passes Congressman Flood’s Terrorism Risk Insurance Reauthorization Bill

WASHINGTON, D.C. - Today, U.S. Congressman Mike Flood (R-NE) released the following statement after the House of Representatives passed the bipartisan TRIA Program Reauthorization Act. Congressman Flood is the original sponsor of the bill, which extends the authorization of the Terrorism Risk Insurance Program through 2034.

"Reauthorizing TRIA is one of the must-pass measures of this Congress," said Congressman Flood. "Created in the aftermath of the September 11, 2001, terrorist attacks, this program has provided a vital guarantee of stability in the insurance market. While the program has fortunately never had to pay a claim, extending it provides businesses nationwide with certainty and stability. I am pleased to see this bipartisan effort pass the House of Representatives and look forward to the Senate taking up this measure quickly."

TRIA Program Reauthorization Act makes several adjustments to the program, notably updating the damages threshold for a claim to keep in line with inflation, clarifying deadlines for the Department of Treasury to certify an event an "act of terrorism" for TRIA purposes, and more.

Video of Congressman Flood's remarks during floor debate is available here. News outlets are welcome to use the footage for reporting purposes.

Congressman Andrew Garbarino (R-NY) is a co-lead of the TRIA Program Reauthorization Act.