Contact: Emily Christensen, 202-224-5444

FOR IMMEDIATE RELEASE      November 16, 2007

Bennett Calls on Congress to Move Terrorism Insurance Before the End of the Year

WASHINGTON, D.C. – Today, the Senate unanimously approved a seven-year extension of the Terrorism Risk Insurance Act (TRIA), a program created after the September 11, 2001, attacks that helps protect American businesses from the uncertainty of terrorist acts.  

“I agree with Chairman Dodd that extending the TRIA deadline for 120 days would be a mistake. The chairman has shown strong leadership on this issue, and now Congress must send a bill to the president by December 31^st to ensure needed certainty in the economy,” said Senator Bob Bennett (R-Utah), a member of the Senate Banking Committee and an original cosponsor of the legislation.

Bennett worked with Chairman Chris Dodd (D-Conn.), Senator Richard Shelby (R-Ala), and former Senator Paul Sarbanes (D-Md.) on the original Terrorism Risk Insurance Act of 2002, and a two-year extension of the program in 2005. TRIA provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism. In addition to the seven-year extension, the proposal will also include provisions to cover domestic terrorism acts.

Congress will need to pass the extension before the current December 31, 2007, expiration.  

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http://bennett.senate.gov/