December 14, 2014
United States Senate Washington, DC 20510
The undersigned organizations, representing businesses of all sizes and industry sectors, strongly encourage the Senate to pass S.2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014, as passed by the House, without additional amendments before the Senate adjourns.
TRIA is a critical public-private partnership that facilitates a private insurance market for terrorism risk insurance. The program has enabled economic development and supported job growth by assuring that lenders, borrowers and developers have the protection needed to proceed with existing and new projects. TRIA likewise ensures economic resiliency in the event of a terror attack on our nation, while simultaneously protecting taxpayers via a mandatory recoupment mechanism.
The Senate successfully negotiated the TRIA provisions included in this legislation and this bill passed the House Wednesday by an overwhelming 417-7 vote. We urge the Senate to pass S.2244 with no amendments prior to adjournment so that this critical component of our national security — protection of U.S. economic stability and growth — can continue serving the American people.
Aerospace Industries Association American Association of Managing General Agents American Association of Port Authorities American Bankers Association American Bankers Insurance Association American Bankers Association Securities Association American Gaming Association American Hotel and Lodging Association American Insurance Association American Land Title Association American Resort Development Association American Society of Workers Compensation Professionals Associated Builders and Contractors, Inc. Associated Industries of Massachusetts Association of American Railroads Building Owners and Managers Association International Business Council of New York State, Inc. Boston Properties California Insurance Wholesalers Association Coalition to Insure Against Terrorism Council of Insurance Agents and Brokers Commercial Real Estate Finance Council Edison Electric Institute Financial Services Roundtable Hilton Worldwide Host Hotels and Resorts Ikaria, Inc. Illinois Chamber of Commerce Independent Insurance Agents & Brokers of America International Council of Shopping Centers Kalispell Chamber of Commerce Kentucky Chamber of Commerce Montana Chamber of Commerce Montana Manufacturing Council Mortgage Bankers Association NAIOP, Commercial Real Estate Development Association National Apartment Association National Association of Home Builders National Association of Mutual Insurance Companies National Association of Professional Surplus Lines Offices National Association of Real Estate Investment Trusts National Association of Realtors National Association of Waterfront Employers National Multifamily Housing Council National Rural Electric Cooperative Association The New England Council Pennsylvania Chamber of Business and Industry Property Casualty Insurers Association of America Real Estate Roundtable Reinsurance Association of America Risk & Insurance Management Society, Inc. Starwood Hotels and Resorts Surety & Fidelity Association of America Tenaska U.S. Chamber of Commerce U.S. Travel Association UWC – Strategic Services on Unemployment & Workers’ Compensation cc: United States Senate