Chairman Scott Holds Executive Session on Reauthorizing Terrorism Insurance Program and Advancing Trump Nominees

Washington, D.C. - Today, Senate Banking Committee Chairman Tim Scott (R-S.C.) held an executive session to consider terrorism insurance reauthorization and four of President Trump's nominees. Reflecting on the 25th anniversary of September 11 and his experience running an insurance business in South Carolina, Chairman Scott discussed coverage for businesses rebuilding after a devastating attack and ensuring taxpayers are protected. He then transitioned to an executive session to advance President Trump's nominees and outlined expectations for Brian Johnson, Abby Warren, Irving Dennis, and Jeffrey Ledbetter on consumer protection, affordable credit, national security, and accountability.

Chairman Scott's opening remarks as prepared for delivery:

Just days ago, our nation marked the 25th anniversary of September 11.

We remember the innocent lives taken, the heroes who ran toward danger, and the families who still carry that loss.

We also remember a country that came together. In the face of evil, Americans chose to rebuild.

Our responsibility is to make sure our communities have the tools to do the same.

After September 11, terrorism insurance for apartment buildings, high-rises, convention centers, hotels, and other places where people work and gather became difficult to find and expensive to buy.

That uncertainty threatened businesses, construction projects, sporting events, and the jobs that support American families.

In 2002, Congress responded with the Terrorism Risk Insurance Act, or TRIA.

TRIA created a partnership between private insurers and the federal government. It is not a blank-check government subsidy. Private insurers must still share in potential losses, and protecting taxpayers must remain a top priority.

Thankfully, the program has never had to be used. But we have an obligation to be prepared for the worst.

Before I came to Congress, I ran an insurance business in South Carolina.

I know an insurance policy is about more than a piece of paper.

It is about protecting what you have worked a lifetime to build.

For a small business owner, that can mean the ability to reopen after an attack. For an employee, it can mean having a job to return to.

The current program works well and runs through the end of 2027. But businesses do not plan one year at a time.

Insurance contracts, construction projects, commercial loans, and major investments are planned years in advance.

Congress should provide that same certainty by acting now.

I thank Senators McCormick, Smith, Tillis, and Gallego for their leadership and urge my colleagues to advance this bipartisan legislation today.

We also have before us four of President Trump's nominees for important positions across the federal government.

I believe they are qualified, and I support moving their nominations to the full Senate.

Brian Johnson has been nominated to lead the Consumer Financial Protection Bureau.

If confirmed, I expect him to fight fraud and abuse, respect the law, and preserve access to affordable credit.

Abby Warren has been nominated to oversee export administration at the Department of Commerce.

Her work will help protect sensitive American technology and strengthen our national security.

At the Department of Housing and Urban Development, Irving Dennis would serve as chief financial officer, helping ensure taxpayer dollars are managed responsibly.

Jeffrey Ledbetter would serve as Inspector General, bringing independent scrutiny and accountability to HUD's operations.

For families in South Carolina and across the country, good government means protecting their money, preserving their choices, and making sure public servants remember whom they work for.

I thank all four nominees for stepping forward to serve, and I urge my colleagues to join me in advancing them today.

Let's provide certainty, protect taxpayers, and help President Trump deliver a government worthy of the confidence of the American people.

Thank you.