U.S. House Panel to Meet in N.Y. March 5 on Terrorism Insurance

February 26, 2007

Congressman Paul E. Kanjorski, D. Pa., chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, announced that the Subcommittee will hold its first hearing in New York City to discuss extending the Terrorism Risk Insurance Act (TRIA), which is currently scheduled to expire at the end of 2007.

“The Capital Markets Subcommittee will travel to the city most affected by the 9/11 terrorist attacks to hear firsthand and acquire evidence about the need to ensure the continued availability of insurance to protect against terrorism risk and safeguard our nation’s economic security,” said Kanjorski. “This field hearing will help us to understand why the government should continue to partner with the private sector to protect against terrorism risk. It will also help us to identify ideas for revising the law before we expeditiously move a bill in the 110th Congress to extend and modify the program.”

The hearing will be held on March 5 in New York City Hall.

Congresswoman Carolyn B. Maloney, D-N.Y, who requested the hearing and who also serves on the House Financial Services Committee, said she wanted the committtee members to “see for themselves the pressing need for the renewal of federal support for terrorism risk insurance, not just for New York, but for the nation.”

“Traveling to New York will serve as a reminder to those in Congress who make decisions about whether to extend terrorism risk insurance that the risk is very real. It is still clear today that there is not enough capacity in the private sector to insure against terrorism risk. I look forward to working with Chairman Kanjorski on revising the current law, continuing to protect our economy from future attacks, while lessening the burden on the American taxpayer to serve as the ultimate backstop for the Terrorism Risk Insurance Act,” added Congresswoman Deborah Pryce (R-Oh), the Ranking Republican Member of the Capital Markets Subcommittee.

Who: Financial Services Committee, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
What: Subcommittee field hearing, “The Need to Extend the Terrorism Risk Insurance Act”
When: March 5, 2007 at 10:00 a.m.
Where: City Council Chambers, New York City Hall
131 Duane Street, New York, New York

Witnesses will be announced at a later date.

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