Congress Reauthorizes Terrorism Risk Insurance Act

Sen. Chuck Schumer

When the 113th U.S. Congress adjourned in December, it did so without renewing the Terrorism Risk Insurance Act (TRIA), a federal program created to protect American businesses from the economic impact of terrorist attacks. When the 114th U.S. Congress commenced this week, TRIA was among its first priorities, according to beltway media, which reported yesterday that the U.S. Senate had passed a bill reauthorizing TRIA through 2020.

"This bill doesn't just benefit New York," the bill's Senate sponsor, Sen. Chuck Schumer (D-NY; above, left), said in a statement. "It benefits the skyscraper in Los Angeles, the sports stadium in Nebraska, the shopping center in Tennessee."

The travel industry applauded the passage of TRIA, which provides federal insurance coverage for losses exceeding $100 million incurred during a terrorist attack.

"TRIA is one of those must-do programs, and we are glad Congress got it done," said U.S. Travel President and CEO Roger Dow. "Having access to insurance against terror acts is critical for numerous industries to go about their day-to-day business of creating jobs and growing the U.S. economy -- travel especially. Congress's action today is the responsible move to safeguard American businesses and workers."

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