December 16, 2005
Washington, D. C. -- U. S. Senate Banking Chairman Richard Shelby, Ranking Member Paul Sarbanes, Sen. Bob Bennett and Sen. Christopher Dodd today commented on the agreement between the Senate Banking Committee and House Financial Services Committee to extend the Terrorism Risk Insurance Program.

Chairman Shelby said, "I am pleased that the Senate has been able to come to an agreement with the House on language to extend the Terrorism Risk Insurance Act. While this legislation is necessary given current market dysfunction, it eases the exposure of the U.S. taxpayer and will foster an environment where the private market can develop. Ultimately, it is my hope that the program will be no longer necessary when it sunsets in two years. I would like to acknowledge my colleagues on the Banking Committee, especially Sen. Sarbanes, Sen. Bennett and Sen. Dodd, as well as Chairman Oxley and the House and Senate leadership for their efforts in forging a consensus on this important legislation."

"I am pleased that we were able to reach this bi-partisan compromise to extend the Terrorism Risk Insurance Act," said Sarbanes. "It is through the hard work of Chairman Shelby and Senators Dodd and Bennett, along with the House negotiators, led by Chairman Oxley, that we have been able to work out this compromise and ensure that this legislation does not expire at the end of the year."

Senator Dodd said, "The Terrorism Risk Insurance Act is presently working to protect jobs and our nation's economic stability from the threat of terrorism and I'm pleased we reached an agreement to continue this federal backstop for our economy. I hope we can move this bill forward quickly. I'd like to thank Senators Shelby, Sarbanes and Bennett in particular for their work on this important bill."

"This is not just an insurance industry issue. This is an issue which dramatically impacts the entire economy," said Sen. Bob Bennett. "Enactment of this legislation will help ensure the economic progress our country is currently experiencing continues. I commend the work of Sens. Shelby, Dodd and Sarbanes and Congressman Oxley for making sure this legislation was extended before it expired."