Failed TRIA Extension Would Be Absolute Disaster (Rep. Gary Ackerman)
The House’s renewal of the Terrorism Risk Insurance Act (TRIA) last month was a great victory for New York and the nation. Approval of the extension by the Senate helps keep the momentum swinging. We are one step closer towards passage of a final bill that provides a long term extension for this vital program. Failure to extend TRIA would be an absolute disaster because without terrorism insurance, financial institutions will not lend money and developers at Ground Zero and other major sites will simply not be able to rebuild. Failure to rebuild at the former World Trade Center site, or any other spot attacked by terrorists, due to a lack of available insurance would represent another victory for the despicable terrorists who attacked us on 9/11.