Terrorism Risk Insurance Program Reauthorization Act Of 2014
Mr. Speaker, I rise today in strong support of this legislation. But before I begin, I would like to say a very special thank you to Chairman Jeb Hensarling for his outstanding leadership on this bill, as well as Chairman Neugebauer and…
Mr. Speaker, I rise today in strong support of this legislation.
But before I begin, I would like to say a very special thank you to Chairman Jeb Hensarling for his outstanding leadership on this bill, as well as Chairman Neugebauer and Ranking Member Waters.
I am proud to have worked so long and so hard in what I would say was truly a bipartisan manner, so let me also thank and acknowledge my senior Senator from New York, Chuck Schumer, for his tireless efforts and for making TRIA reauthorization one of his top priorities.
I also want to thank my good friend and colleague from New York, Peter King, for being such a champion on this issue.
As someone who witnessed the tragedy of 9/11 firsthand, and as a Member
whose district saw the greatest loss of life during the September 11 attacks, I know all too well the destruction and the suffering that is caused by terrorism. However, as a proud New Yorker, I have also seen the tremendous recovery, a recovery that has taken place since that fateful day. But in order to ensure that such a recovery would be possible in the face of, God forbid, a future attack on our country, as well as to ensure the further economic development across the United States, we must ensure the continuation of TRIA and the vitally important insurance coverage that it provides to projects and facilities that create so many American jobs, like the pending Hudson Yards project in Manhattan, or the Barclay's Center in Brooklyn, as well as our hospitals and universities, such as the Staten Island University Hospital and the College of Staten Island.
I would also like to add my strong support for the inclusion of my legislation, the Business Risk Mitigation and Price Stabilization Act, which passed, I believe, this House with 411 votes right here in this Chamber and does anything but undermine Dodd-Frank. In fact, what it does, it will actually ensure that commercial end users of derivatives contracts will not be subject to costly and unnecessary margin requirements that needlessly tie up capital and impede job creation.
With that, I strongly urge my colleagues to support this critical, commonsense legislation.
