During the Senate Finance Committee's confirmation hearing of Treasury Secretary pick Jacob Lew, New York Senator Charles Schumer reiterated his strong support for renewal of the Terrorism Risk Insurance Act (TRIA), naming it as one of his top priorities this congress.
The TRIA program will expire at the end of 2014 if not renewed. Sen. Schumer stated that TRIA is as important to New Yorkers as flood insurance and that he does not believe the private insurance market can offer enough affordable coverage to address the unpredictable risk of terrorism.
In response, Lew stated that he is "familiar with TRIA" and "saw the need for it [after September 2011]" but is unfamiliar with the current need for the program. He promised to get back to Sen. Schumer with a written response.
Although some conservative members of the House have questioned the need for extended TRIA, a bill was introduced in the House by Rep. Grimm [R-NY] and Rep. Maloney [D-NY] that would extend the program for 5 years.
Learn more about the hearing from the Senate Finance Committee.
Learn more from Rep. Grimm.