House Passes Neugebauer Terrorism Risk Insurance Bill to Protect Taxpayers and Help the Economy

Today the House passed H.R. 26, my bill to reform the Terrorism Risk Insurance Act (TRIA) by increasing taxpayer protections.

The American people are tired of writing blank checks to bailout Washington. Today’s reform bill shifts more of the terrorism insurance risk away from hardworking taxpayers and encourages greater private sector insurance participation. Furthermore, under this legislation, local insurance agents and brokers in Abilene and across American can be licensed in multiple states. At a time when Obamacare continues to harm so many, this is a good step towards making insurance more affordable. Another provision exempts farmers, ranchers and other small businesses owners from burdensome requirements imposed by the Dodd-Frank Act, a law which never should have impacted non-financial companies to begin with.

I look forward to working with my colleagues in the Senate to get this vital TRIA reform bill to the President’s desk to sign into law immediately.

The House passed the bill by a vote of 416-5.

Congress passed TRIA in the aftermath of 9/11 for fear that the lack of terrorism coverage could harm jobs and economic development. While the Program was intended to be temporary, it has been reauthorized several times without taxpayer protection reforms. This bill modernizes the law to meet the realities of today’s insurance needs while substantially increasing taxpayer protections. The newly elected Republican-controlled Senate is expected to move this bill forward as early as next week.