Long-Term Terrorism Risk Insurance Provides Needed Economic Stability

Dec 10, 2014

WASHINGTON, D.C. – Congressman Frank Lucas, a senior member of the House Financial Services Committee, voted today to support passage of the Terrorism Risk Insurance Program Reauthorization Act (TRIA), legislation that helps establish insurance coverage for acts of terrorism. This bill strengthens economic growth and security in our country by providing certainty over the next six years to American enterprises.

“The long-term extension of the Terrorism Risk Insurance program means greater stability for our nation’s job creators. We cannot allow grave threats from the Islamic State and other terrorist organizations to stifle our country’s growing economy. Rebuilding is a critical element in standing up to terrorism, and I believe this wartime measure provides an extremely important piece of mind for consumers and industries in the United States,” said Congressman Lucas.

The Terrorism Risk Insurance Act originally established the Federal Terrorism Insurance Program in 2002 to oversee a public-private system of compensation for insured losses due to acts of terrorism after many businesses were unable to purchase insurance protection following the attacks of September 11. Since its inception, the program has incurred a net cost of zero dollars to the United States Treasury.

Recent Posts

Feb 21, 2024

Lucas Stands Up for Oklahoma Beef Producers

Washington, DC – Today, Congressman Frank Lucas (OK-03) joined an effort to halt the Biden Administration’s rule allowing for the importation of fresh Paraguayan beef, which has historically been affected by the viral foot-and-mouth disease. The USDA’s most recent inspection of cattle in Paraguay was nearly a decade ago.  Congressman Lucas (OK-03) joined Rep. Ronny Jackson’s (TX-13) joint resolution […]

Feb 20, 2024

Lucas: USDA fails to deliver support to Oklahoma farmers.

Washington, DC – At today’s House Agriculture Committee hearing, Congressman Lucas questioned Secretary of Agriculture Tom Vilsack over the Biden Administration’s failed Emergency Relief Program (ERP). Congressman Lucas noted that producers in Oklahoma were feeling the negative affects of the ERP 2022 program. Secretary Vilsack questioned this claim, prompting Congressman Lucas to defend his constituents. Click here or […]

Feb 6, 2024

Secretary Yellen Dodges Basel Endgame Questioning

Washington, DC – Today, Congressman Lucas followed up with Secretary Yellen on whether Treasury has discussed the impact of the Basel Endgame proposal with the Federal Reserve. When asked a straightforward question on the detrimental impact of the proposal, Secretary Yellen had no answer. February 6, 2024 Lucas: “Are you concerned that the proposal will undermine the […]