November 16, 2005
js-3020

Statement of Secretary John W. Snow
on Terrorism Insurance Legislation

"I'm pleased to see that actions today in the Senate to extend the Terrorism Risk Insurance Act recognize the temporary nature of the program and place terrorism insurance on the right path to full private market participation.

"Treasury set out principles this summer to ensure that the risk to taxpayers was reduced in any extension of the Act. I support the legislation passed by the Senate Banking Committee today as it meets many of those important goals. I commend Chairman Shelby, Ranking Member Sarbanes and the Committee for producing a commonsense bipartisan product based on input from all interested parties.

"As Congress proceeds on legislation to extend TRIA, we will continue to work with both the House and Senate to ensure the program entails greater participation of the private market and less risk for taxpayers."

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