Rep. Stephen Fincher (R-Tenn.) is urging Republican leadership to support a long-term terrorism insurance program reauthorization.
Congress has to reauthorize its Terrorism Risk Insurance program (TRIA) before the end of the year or it will shut down.
{mosads}TRIA was enacted by Congress following the Sept. 11, 2001, terrorist attacks to provide a federal financial backstop for the cost of insurance payouts after large-scale attacks.
Tea Party supporters such as House Financial Services Committee Chairman Jeb Hensarling (R-Texas) are weary of TRIA and the government playing a role in the insurance markets.
Democrats and centrist Republicans support TRIA. But since Hensarling’s committee has jurisdiction over TRIA, industry stakeholders are concerned that Hensarling will push for a short-term, six- to nine-month reauthorization unless he’s able to weaken the government’s role in the insurance market.
Fincher, who is a member of Hensarling’s committee, is trying to get signatures for a letter addressed to Speaker John Boehner (R-Ohio) and House Majority Leader Kevin McCarthy (R-Calif.).
“[We] respectfully urge you to schedule action on a multi-year extension immediately after the House returns from the November elections,” Fincher wrote in a draft of the letter being circulated, obtained by The Hill.
“We further urge you not to consider a short-term extension, as this would only prolong the uncertainty that is already harming our economy.”
Fincher’s letter states that Congress’s failure to reauthorize TRIA “is already hurting the economy.”
“Businesses with terrorism coverage are being told that their coverage will end if Congress fails to act, causing the sort of uncertainty that hurt economic growth,” Fincher’s letter states.
“A short-term extension of TRIA would only prolong this problem,” Fincher’s letter states. “The time to act on a multi-year reauthorization of TRIA.”
A spokesperson for Fincher couldn’t be immediately reached for comment.
The Chamber of Commerce and The Real Estate Roundtable, as well as the NFL and the NBA are each pushing for a long-term TRIA reauthorization.
Those groups are calling for a long-term reauthorization, like the seven-year bill that the Senate passed in July.
In June, Hensarling’s panel approved Rep. Randy Neugebauer’s (R-Texas) five-year reauthorization bill. But business groups opposed that bill and it never made it to the floor.