Terrorism Risk Insurance Act is First to Become Law in New Congress

H.R. 26, my bill to reform the Terrorism Risk Insurance Act (TRIA) with added taxpayer protections, was signed into law last evening:

After overwhelmingly passing the House and Senate last week, I am glad to see my terrorism risk insurance bill that increases taxpayer protections, encourages greater private sector insurance participation, and helps jumpstart economic growth by providing regulatory relief for farmers, ranchers, and small business owners become the first legislation signed into law in the new Congress.

Under this law, local agents and brokers can obtain licensing on a multi-state basis. This will increase competition and help my constituents obtain more affordable insurance at a time when Obamacare continues to fail the American people. I will continue to work with my colleagues to send common sense conservative solutions to the President’s desk to get our country back on track and make America stronger.

H.R. 26 passed the House by a vote of 416-5 and the Senate by a vote of 93-4. The entire Texas Congressional Delegation supported H.R. 26, including both Senators Cornyn and Cruz.

Background: 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.