December 16, 2005
JS-3054

Statement of Treasury Under Secretary Randal Quarles on
Terrorism Risk Insurance Legislation

Congress has agreed on legislative language that meets the critical goals set out by Secretary Snow when he delivered the Treasury's TRIA report in June: a significantly reduced TRIA program, more room for private sector innovation, greater protections for the taxpayer, and recognition of the temporary nature of the program. Many thought these goals were not achievable when this debate began, but the House and Senate worked very constructively to achieve this outcome, and we think the American taxpayer can be satisfied with the result.