| Clyburn on the Terrorism Risk Insurance Revision and Extension Act
Wednesday, September 19, 2007
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Washington, D.C. – House Majority Whip James E. Clyburn released the following statement today regarding passage of the Terrorism Risk Insurance Revision and Extension Act (TRIREA):
“In light of the increasing domestic and foreign terrorist threats facing our nation, the Democratic-led U.S. House of Representatives passed legislation today to better aid and assist those industries and businesses economically displaced and financially shattered by the September 11, 2001 attacks. The September 11th attacks and the threat of future attacks against U.S. interests require that we remain committed to safeguarding our citizenry and protecting our economic infrastructure.
“The Terrorism Risk Insurance Revision and Extension Act (TRIREA) will work towards assisting those businesses left fiscally vulnerable and uninsured as a result of the 9/11 attacks. By instituting a joint public sector – private industry insurance compensating formula, this legislation makes significant strides in helping those companies who are unable to purchase insurance protecting against property losses that might occur from future terrorist attacks.
“In visiting the Pentagon and meeting with several leaders in the business community, I have seen first-hand the destabilizing impact that the 9/11 attacks had on certain sectors of our economy. This legislation works towards ensuring that these vulnerable entities are given the tools to rebuild and re-establish their standing.” |
