Congressman Dennis Cardoza
18th Congressional District of California

WASHINGTON – {The Blue Dog Coalition sent a letter to Speaker Dennis Hastert today signaling the Coalition’s strong support in passing the Terrorism Risk Insurance Act (TRIA).  The Blue Dogs urged Speaker Hastert to take quick action and pass a multi-year extension of this vital program. 

Thirty-two Blue Dogs signed the letter authored by Rep. Steve Israel (NY), a Blue Dog and member of the Financial Services Committee.  The Blue Dogs reiterated their hope that the private sector will find an effective and independent way to price and make terrorism insurance available, but with the market not yet stable Congress must act quickly to extend TRIA. 

In 2002, with the support of the Blue Dog Coalition, Congress overwhelmingly passed TRIA to provide a backstop in the event of another catastrophic terrorist event.  TRIA enabled the insurance industry to recover from the losses they sustained in 2001 and ensured the availability of full coverage from the risk of terrorism for policyholders. 

“TRIA Sunsets at the end of the year and is in danger of lapsing.  That means insurance companies will simply stop writing policies that cover future attacks, developers will be unable to receive financing for real estate ventures and companies will be unable to insure their property or their employees,” writes the Blue Dog Coalition.  “Policies are already being negotiated containing exclusion clauses that clearly state that terrorism will not be covered in the event that Congress fails to act to extend TRIA.”

"I'm pleased the Blue Dogs strongly support my efforts to extend TRIA before it comes to a premature end," Israel said. "Blue Dogs recognize that terrorism risk insurance is not an urban versus rural issue. We have one interconnected, national economy that depends on the continued availability of insurance capital."

The thirty-two Blue Dogs signing the letter include: John Barrow (GA), Sanford Bishop (GA), Dan Boren (OK), Leonard Boswell (IA), Allen Boyd (FL), Dennis Cardoza (CA), Ed Case (HI), Ben Chandler (KY), Jim Cooper (TN), Jim Costa (CA), Bud Cramer (AL), Lincoln Davis (TN), Harold Ford (TN), Jane Harman (CA), Stephanie Herseth (SD), Tim Holden (PA), Steve Israel (NY), Jim Matheson (UT), Mike McIntyre (NC), Charlie Melancon (LA), Mike Michaud (ME), Dennis Moore (KS), Collin Peterson (MN), Earl Pomeroy (ND), Mike Ross (AR), John Salazar (CO), Loretta Sanchez (CA), Adam Schiff (CA), David Scott (GA), John Tanner (TN), Gene Taylor (MS),  Mike Thompson (CA).

The Blue Dogs conclude, “(We) have overwhelmingly supported passage of the original conference report creating this program.  Now we urge you to expedite consideration of a multi-year extension.”