Congressmen Urge Treasury: Continue TRIA
NU Online News Service, April 23, 4:16 p.m. EDT?Three congressmen today urged the treasury department not to let provisions of the Terrorism Risk Insurance Program expire.[@@]
The request came in a letter to Treasury Secretary John Snow from House Financial Services Committee Chairman Michael G. Oxley, R-Ohio, subcommittee chairs, Richard H. Baker, D-La. And Sue W. Kelly, R-N.Y. and Committee Members
They asked him to keep alive the "make available" provision to the Terrorism Risk Insurance Program authorized by Congress under the Terrorism Risk Insurance Act of 2002.
"The Department of the Treasury has done a great service to the Nation by ensuring the continued availability of coverage for terrorism risks," the members wrote. "An extension will ensure that terrorism coverage is widely available while Treasury continues its good work and while private market solutions are still being developed."
On Wednesday, the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and the Subcommittee on Oversight and Investigations will hold a joint hearing entitled "A Review of TRIA and its Effect on the Economy: Helping America Move Forward"
The hearing is to examine how TRIA helped to avoid problems in the commercial insurance sector.
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