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June 29, 2026
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Download official House Record PDFReturn to issue contextMr. FLOOD. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 7128) to extend the Terrorism Risk Insurance Program, and for other purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 7128
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “TRIA Program Reauthorization
Act of 2026”.
SEC. 2. EXTENSION.
Section 108(a) of the Terrorism Risk Insurance Act of 2002
(15 U.S.C. 6701 note) is amended by striking “2027” and
inserting “2034”.
SEC. 3. IMPROVEMENTS TO CERTIFICATION PROCESS.
Section 102(1) of the Terrorism Risk Insurance Act of 2002
(15 U.S.C. 6701 note) is amended—
(1) in subparagraph (B)—
(A) in clause (i), by striking “or” at the end;
(B) in clause (ii), by striking “exceed $5,000,000.” and
inserting: “exceed—
“(I) with respect to an act that occurred in a year before
2029, $5,000,000; and
“(II) with respect to an act that occurred in 2029, or any
year thereafter, $10,000,000; or”; and
(C) by adding at the end the following:
“(iii) the Secretary did not issue to the public a final
determination to certify such act as an act of terrorism
before the expiration of the applicable period described in
subparagraph (D)(ii).”; and
(2) by striking subparagraph (D) and inserting the
following:
“(D) Review and determinations.—
“(i) Notice of review.—
“(I) In general.—The Secretary shall, not later than 30
days after beginning the process of determining whether to
certify an act as an act of terrorism, publish a notice in
the Federal Register that informs the public that the
Secretary is in the process of determining whether to certify
the act as an act of terrorism.
“(II) Additional notice permitted.—The Secretary may, as
the Secretary determines appropriate, notify the public,
through publication in the Federal Register, or otherwise,
that an act is not being evaluated by the Secretary to
determine whether it should be certified as an act of
terrorism.
“(ii) Period of review.—
“(I) In general.—Except as described in subclause (II),
the Secretary shall conclude any process of determining
whether to certify an act as an act of terrorism not later
than 90 days after publishing a notice in the Federal
Register under clause (i)(I).
“(II) Exception.—If, during the 90-day period following
the publication of a notice in the Federal Register under
clause (i)(I), the Secretary determines there is insufficient
information available at that time to determine if an act is
eligible for certification as an act of terrorism, the
Secretary may, before the end of such 90-day period, extend
the process of determining whether to certify an act as an
act of terrorism for a period not to exceed 365 days
following the date on which the damage attributable to such
act occurred, as determined by the Secretary, and shall
notify the public of any such extension.
“(iii) Issuance of final determination.—If the Secretary
decides to certify an act as an act of terrorism, the
Secretary shall, before the expiration of the period
applicable under clause (ii), issue to the public a final
determination that certifies such act as an act of terrorism
and such determination shall be irrevocable.
“(iv) Rule of construction.—Nothing in this subparagraph
may be construed to require to the Secretary to issue a final
determination under clause (iii) about any act that the
Secretary does not certify as an act of terrorism.”.
SEC. 4. REPORTING.
Section 104(h)(2) of the Terrorism Risk Insurance Act of
2002 (15 U.S.C. 6701 note) is amended—
(1) by redesignating subparagraphs (B), (C), (D), (E), and
(F) as subparagraphs (C), (D), (E), (F), and (G),
respectively; and
(2) by inserting after subparagraph (A) the following:
“(B) a list of each act with respect to which the
Secretary published a notice in the Federal Register under
section 102(1)(D)(i) during the preceding calendar year, that
includes—
“(i) any final determination issued by the Secretary under
section 102(1)(D)(iii) with respect to such act; or
“(ii) a concise explanation of why the Secretary did not
issue a final determination under section 102(1)(D)(iii) with
respect to such act;”.
SEC. 5. TECHNICAL AMENDMENTS.
(a) In General.—Section 103(e)(7)(E)(i) of the Terrorism
Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—
(1) in subclause (I)—
(A) by striking “2022” and inserting “2029”; and
(B) by striking “2024” and inserting “2031”;
(2) in subclause (II)—
(A) by striking “2023” and inserting “2030”;
(B) by striking “2029” and inserting “2036”; and
(C) by striking “2024” and inserting “2031”; and
(3) in subclause (III)—
(A) by striking “2029” and inserting “2036”; and
(B) by striking “2024” and inserting “2031”.
(b) Technical Corrections.—
(1) Terrorism risk insurance act .—The Terrorism Risk
Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by
striking “Terrorism Insurance Program” each place it
appears in text or headings and inserting “Terrorism Risk
Insurance Program”.
(2) Federal insurance office.—Section 313(c)(1)(D) of
title 31, United States Code, is amended by striking
“Terrorism Insurance Program” and inserting “Terrorism
Risk Insurance Program”.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from Nebraska (Mr. Flood) and the gentleman from Missouri (Mr. Cleaver) each will control 20 minutes.
The Chair recognizes the gentleman from Nebraska.
General Leave
Mr. FLOOD. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on this bill.
The SPEAKER pro tempore. Is there objection to the request of the gentleman from Nebraska?
There was no objection.
Mr. FLOOD. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I include in the Record the CBO estimate for this bill.
EFFECTS ON DIRECT SPENDING AND REVENUES OF LEGISLATION CONSIDERED UNDER SUSPENSION OF THE RULES IN THE HOUSE OF
————————————————————————————————————————————————————————
Additional
Information on Link to
Bill Number Title Effect on Direct Effect on Direct Spending Published
Spending Revenues and Revenue Estimates
———————————————————————————————————————————————————————— H.R. 7128.................... TRIA Program Increase by at Increase by at Would increase
Reauthorization Least $500K. Least $500K. direct
Act of 2026, as spending and
amended. revenues by
several
billion
dollars and
reduce the
deficit by
more than $1
billion. ————————————————————————————————————————————————————————
Mr. FLOOD. Mr. Speaker, I will start today by thanking Chairman Hill, Ranking Member Waters, and my co-lead on this bill, Congressman Andrew Garbarino. All of us have worked together on legislative text that would reauthorize the Terrorism Risk Insurance Program while also making changes that will protect taxpayers.
Congress in the aftermath of the September 11, 2001, terrorist attacks, through 2034. We are so fortunate that we have never seen a TRIA claim in the program's entire history. I hope that we never ever see one.
backstop, we should ensure we update its charter to protect taxpayers in the event of future claims, and we should work to ensure the certification process is transparent. Allow me to briefly walk through the changes this bill makes to TRIA.
result from an event for it to be eligible for review by the Department of the Treasury as a terrorism risk insurance event.
The current statutory threshold is $5 million, and this bill would increase that to $10 million for events in 2029 and later. That change will keep this threshold in line with inflation, and it will put in place appropriate protections for taxpayers from future claims.
clocks, as you may have them, for the Department of the Treasury to certify whether an event is an act of terror.
That process would work as follows. First, the Treasury Department would publish its intent to examine a potential event more closely in the Federal Register. They must publish this notice within 30 days of initiating their review of an event. Then, 90 days after publishing that notice in the Federal Register, the Treasury Department would need to come to a decision about whether that event qualifies as an act of terror. If the Treasury Department needs more time, they could extend that deadline up to a year after the original event occurred.
don't have much of a case study on how Treasury's review process would work
today. What we do know is that markets tend not to react well to uncertainty. With no active deadlines for review, the current process leaves a lot of room for ambiguity and uncertainty.
reacting to a potential terrorist attack with a Treasury review, there is sufficient structure to the process to provide insureds and insurers with the information they need on when to expect Treasury's review to conclude.
market regarding when Treasury is undertaking a review of specific events and when they can expect a final decision on whether an event is covered by TRIA.
Mr. Speaker, I include in the Record seven letters of support on behalf of this bill.
Mortgage Bankers Association,
Washington, DC, June 29, 2026.
Hon. Mike Johnson,
Speaker, House of Representatives,
Washington, DC.
Hon. Hakeem Jeffries,
Minority Leader, House of Representatives,
Washington, DC.
Hon. French Hill,
Chairman, Committee on Financial Services,
House of Representatives, Washington, DC.
Hon. Maxine Waters,
Ranking Member, Committee on Financial Services,
House of Representatives, Washington, DC.
Dear Speaker Johnson, Leader Jeffries, Chairman Hill, and
Ranking Member Waters: On behalf of the Mortgage Bankers
Association (MBA), I am writing to express our support for
H.R. 7128, the TRIA Program Reauthorization Act of 2026, as
amended, in advance of the bill's anticipated consideration
by the full House under suspension of the rules this week. As
you know, a similar version of the legislation passed the
House Financial Services Committee in late January by the
wide bipartisan margin of 51 to 2. MBA urges all Members to
vote “Aye” on H.R. 7128, as amended, when it comes before
the full House for a vote.
The Terrorism Risk Insurance Act (TRIA) of 2002 (P.L. 107-
297) and its subsequent reauthorizations have been essential
to MBA's members, as private insurers cannot adequately
supply terrorism coverage without a federal backstop. Thus,
the uninterrupted continuation of the TRIA program going
forward remains a critical consideration.
By extending TRIA for seven years, H.R. 7128, as
principally sponsored by Reps. Mike Flood, Emanuel Cleaver,
and Andrew Garbarino, will provide certainty to the broad
array of businesses (across countless economic sectors) that
rely upon this critical program.
The bill, as most recently amended, also includes measured
reforms that would (1) raise the program's certification
“trigger” loss threshold from $5 to $10 million (beginning
in 2029) and (2) add an enhanced event timeline for Treasury
Department certification of domestic acts of terrorism.
With $5.02 trillion in total mortgage debt outstanding the
commercial real estate finance (CREF) sector, which is
comprised of key capital sources including commercial banks,
life insurance companies, the housing Government Sponsored
Enterprises (“GSEs”) Fannie Mae and Freddie Mac, the
Department of Housing and Urban Development's (HUD) Federal
Housing Administration (FHA), commercial mortgage-backed
securities (CMBS) issuers, debt funds, and other
institutional sources, is a large and integral part of the
national economy.
Together, these capital sources support the financing of
the office, retail, industrial, and multifamily rental
properties that serve as the foundation of our communities
and our nation. Beyond housing individual families, these
properties also accommodate the businesses that are the
engines for our nation?s vibrant and diverse economy. Any gap
in the availability of terrorism risk insurance would
negatively impact the CREF sector and ripple through the
broader economy—as buildings would become more difficult and
costly to finance, sell, and purchase.
The enactment of a long-term TRIA reauthorization is
especially critical for the affected CREF mortgage servicers
whose functions include review of insurance coverage,
negotiating and placing coverage when not in place, receipt
of insurance and mortgage payments, customer service, escrow
administration, investor accounting, collections,
foreclosures, and more. Phrased differently, MBA's CREF
members hold the single largest share of real estate debt
outstanding in all markets—and therefore retain the “lion's
share” of the financial risk associated with property damage
or destruction.
Conclusion
MBA commends you for taking such early action (during
calendar year 2026) on a longterm TRIA reauthorization—an
action needed well-prior to the program's expiration on
December 31, 2027, to provide continued market certainty and
prevent key policyholders (like our members) from facing any
meaningful gap in coverage.
Again, MBA urges an “Aye” vote on H.R. 7128, as amended,
by all House Members during a vote scheduled to take place
this week (most likely later today).
We look forward to our ongoing work together in the coming
weeks and months to promote a competitive, sustainable real
estate finance market within the United States.
Thank you in advance for the consideration of the views
expressed within this letter.
Sincerely,
Bill Killmer,
Senior Vice President, Legislative and Political Affairs.
National Association of Realtors,
June 29, 2026.
Re Support for House passage of H.R. 7128, the TRIA Program
Reauthorization Act of 2026, as amended.
Hon. Mike Johnson,
Speaker, House of Representatives,
Washington, DC.
Hon. Steve Scalise,
Majority Leader, House of Representatives,
Washington, DC.
Hon. Hakeem Jeffries,
Minority Leader, House of Representatives,
Washington, DC.
Hon. Katherine Clark,
Minority Whip, House of Representatives,
Washington, DC.
Dear Speaker Johnson, Leader Scalise, Leader Jeffries, and
Whip Clark: The National Association of REALTORS (NAR) urges
the House to pass the Terrorism Risk Insurance Act (TRIA)
Program Reauthorization Act of 2026 (H.R. 7128). This
critical bill would reauthorize the TRIA program for seven
years, through 2034.
A long-term reauthorization of TRIA is essential to
maintaining the availability of terrorism risk insurance, a
prerequisite for financing across much of the commercial real
estate market. When terrorism coverage becomes uncertain or
unavailable, lenders may restrict credit and owners can face
technical defaults—disruptions the federal backstop was
designed to prevent. Multi-year reauthorization provides
stability, supporting transactions, construction, and jobs
nationwide.
The bill also improves transparency in Treasury's event-
certification process by requiring public notice within 30
days of initiating a review and establishing a 90-day review
framework, with a limited extension when sufficient
information is not available. It also updates the statutory
threshold from $5 million to $10 million to ensure the
certification process focuses on larger events. Clearer,
time-bound signals from Treasury help reduce post-incident
uncertainty and support prudent market risk management.
NAR urges House passage of the TRIA Program Reauthorization
Act. Reauthorizing TRIA while strengthening certification
transparency will promote market confidence, help keep
terrorism coverage available, and safeguard investment and
economic activity across the country.
Sincerely,
Kevin Brown,
2026 President, National Association of REALTORS.
Re BOMA Supports H.R. 7128, TRIA Program Reauthorization Act.
June 29, 2026.
Chairman French Hill,
Ranking member Maxine Waters,
House Financial Services Committee,
Washington, DC.
Dear Chairman Hill and Ranking Member Waters: On behalf of
the Building Owners and Managers Association (BOMA)
International and our 16,000 members, we express strong
support for H.R. 7128, the Terrorism Risk Insurance Program
Reauthorization Act of 2026, and urge its swift passage.
As the nation approaches the 25th anniversary of September
11, 2001, terrorism continues to pose a persistent and
evolving threat to the United States. Since that horrific
day, numerous foiled plots and completed attacks have spanned
the country—many in just the past two years, including a
recently disrupted plot targeting a White House event tied to
the nation's 250th anniversary celebration. Taken together,
these incidents demonstrate that the threat environment
remains active, evolving, and immediate.
TRIA remains critical as both a federal backstop in the
event of an attack and as a tool that enables our members to
secure financing, maintain insurance coverage, and continue
operating and servicing commercial properties nationwide.
Without this program, the availability and affordability of
terrorism risk insurance would be significantly constrained,
undermining real estate markets and broader economic
stability.
We commend the bipartisan work of the House Financial
Services Committee and its decision to advance this
legislation early in the Second Session, underscoring the
importance of timely action. In particular, we recognize the
leadership of Housing and Insurance Subcommittee Chairman
Mike Flood in introducing the legislation. Additionally, we
appreciate House leadership's efforts to schedule this
legislation for floor consideration ahead of the July 4
recess.
For these reasons, BOMA International strongly supports
H.R. 7128 and urges its prompt passage.
Thank you again for your leadership on this important
issue.
Respectfully,
Luci Smith,
Chair & Chief Elected Officer, BOMA International.
Mary Lue Peck,
President & Chief Operating Officer BOMA International.
Lloyd's,
New York, NY, June 29, 2026.
Hon. Mike Flood,
Chairman, Housing & Insurance Subcommittee,
Cannon House Office Building, Washington, DC.
Dear Mr. Chairman: We write to you today in support of your
bill H.R. 7128, the TRIA Program Reauthorization Act of 2026.
We are grateful for your leadership on this critical issue,
and we are particularly pleased with your recognition that
reauthorizing the Terrorism Risk Insurance Act (“TRIA”)
this year will ensure the least disruption to what has been a
relatively stable terrorism risk insurance market.
Lloyd's views on terrorism risk, and TRIA in particular,
are based upon extensive experience: Lloyd's paid almost $8
billion in claims resulting from the tragic events of
September 11th, and led the development of the standalone
terrorism market in the U.S. in the days following 9/11.
Lloyd's has long been a significant participant in the U.S.
commercial property-casualty insurance market, supporting the
U.S. economy in the face of numerous catastrophes over the
past 150 years. We have supported TRIA since its inception
and we are grateful for the bipartisan support in Congress
for the program's reauthorization.
Following 9/11, the lack of availability of terrorism
insurance had dramatic economic impact. Commercial
policyholders found it difficult, if not impossible, to
secure terrorism coverage, yet banks and other capital
providers would not provide financing in many cases without
it. Congress enacted TRIA in 2002 to address this situation,
structuring the program to ensure that terrorism insurance is
available for commercial policyholders, while providing a
potential federal backstop for catastrophic events. Unlike
certain other federal insurance programs, TRIA is designed to
have the private insurance industry be the principal bearers
of risk in the terrorism insurance market, with the federal
government only stepping in once certain thresholds are met.
The TRIA program has evolved over time to ensure that the
private sector's share of losses continues to grow
proportionate to its premium growth, and the result has been
a stable terrorism insurance market, with strong take-up
rates even as the broader property-casualty market hardened
in recent years. Simply put, TRIA is one of those rare
government programs that has worked almost exactly as
intended. In this vein, Lloyd's favors a “clean”
reauthorization, as we worry about potential disruption that
could be caused by even seemingly minor changes.
That being said, we recognize and truly appreciate the work
that went into securing an overwhelming bipartisan 51-2 vote
in Committee in January, and we are hopeful that the full
House will give a similarly overwhelming vote to approve this
important legislation in the coming days.
Again, we thank you for your leadership and look forward to
working with you as this critical legislation continues its
way through the legislative process this year.
Sabrina Miesowitz,
General Counsel.
June 29, 2026.
Hon. Mike Flood,
Chairman, Housing and Insurance Subcommittee,
Committee on Financial Services, Washington DC.
On behalf of the undersigned organization, we write to
express support for H.R. 7128—The TRIA Program
Reauthorization Act of 2026 in advance of the anticipated
vote in the U.S. House of Representatives this week.
After the September 11th attacks, terrorism insurance
became largely unavailable, bringing commercial real estate
finance to a virtual halt and negatively impacting the
economy for millions of business across the country. As such,
Congress rightly responded with the Terrorism Risk Insurance
Act, a necessary public-private partnership to ensure
affordable and available terrorism insurance coverage at
virtually no cost to American taxpayers. As we look back
nearly 25 years after 9/11, it is important to recognize the
economic development TRIA has supported, while at the same
time acknowledge terrorism threats unfortunately have not
dissipated.
We commend the House Financial Services Committee,
especially the leadership of Chairman Hill, Ranking Member
Waters, Subcommittee Chair Flood, and Subcommittee Ranking
Member Cleaver, for their work to closely examine the need
for TRIA and prompt reauthorization through a hearing last
September and its subsequent advancement in January. We
appreciate the broad support among members as TRIA approaches
a vote before the full House.
TRIA is a critical public-private partnership that ensures
the continued availability of terrorism insurance coverage,
benefiting the broader economy. We urge Congress to move
without delay in reauthorizing the program on a long-term
basis.
Sincerely,
Coalition to Insure against Terrorism, Council of Insurance
Agents & Brokers, CRE Finance Council, Independent Insurance
Agents & Brokers (Big “I”), ICSC, Nareit, National
Association of Mutual Insurance Companies, The Real Estate
Roundtable, Reinsurance Association of America.
U.S. Chamber of Commerce,
Washington, DC, June 29, 2026.
To the Members of the House of Representatives: The U.S.
Chamber of Commerce supports H.R. 7128, the “TRIA Program
Reauthorization Act of 2026.” This legislation would provide
for a reauthorization of the Department of the Treasury's
Terrorism Risk Insurance Program through 2034. It is vital
that Congress reauthorize the Terrorism Risk Insurance Act
(TRIA) well in advance of its expiration at the end of 2027,
so businesses that rely on the program can remain confident
it will not lapse.
Since its enactment in 2002, TRIA has served as a critical
public-private risk-sharing mechanism, ensuring the
commercial availability of terrorism risk insurance and
enabling a more resilient economic recovery in the event of a
terrorist attack. The proactive reauthorization of TRIA is
vital to ensuring long-term financial safety and stability,
providing businesses across the country with the necessary
support and certainty to manage the unique risks associated
with terrorism-related events.
This legislation includes changes to the event
certification process and other technical adjustments. While
the Chamber would prefer a clean reauthorization of the
program, we recognize the importance of ensuring this
critical economic backstop remains in place without
disruption. We commend the House Financial Services Committee
for acknowledging the necessity of this program and advancing
the legislation with an overwhelming bipartisan vote of 51 to
The Chamber urges you to support TRIA's vital mission by
voting for this important legislation, and we look forward to
working with Congress to ensure timely reauthorization.
Sincerely,
Foxhall Parker,
Senior Director,
Center for Capital Markets Competitiveness.
June 29, 2026
Re CREFC Support for H.R. 7128, the TRIA Program
Reauthorization Act of 2026.
Hon. French Hill,
Chairman, House Committee on Financial Services.
Hon. Mike Flood,
Chairman, Subcommittee on Housing and Insurance.
Hon. Maxine Waters,
Ranking Member, House Committee on Financial Services.
Hon. Emanuel Cleaver II,
Ranking Member, Subcommittee on Housing and Insurance.
Dear Chairman Hill, Ranking Member Waters, Chairman Flood,
and Ranking Member Cleaver: On behalf of the CRE Finance
Council (CREFC), the trade association representing the over
$6 trillion commercial real estate finance industry, we write
to express our strong support for H.R. 7128, the TRIA Program
Reauthorization Act of 2026, and to thank you for your
leadership in advancing this important bipartisan
legislation.
Terrorism risk insurance is a key underwriting requirement
across nearly every segment of commercial real estate
finance, including loans held on balance sheet and those
securitized in CMBS transactions. Lenders, servicers, and
investors rely on the continued availability of the federal
Terrorism Risk Insurance Program to ensure affordable
coverage remains accessible to commercial property owners,
with that certainty reflected directly in loan underwriting,
pricing, and securitization documents. Any lapse, or even the
prospect of one, introduces unnecessary uncertainty into the
capital markets that finance the nation's office,
multifamily, industrial, retail, and hospitality properties.
H.R. 7128 would extend the Program through 2034, providing
the long-term certainty our members and their borrowers need
to plan and invest with confidence.
We appreciate that this legislation has advanced with
bipartisan support, and we urge the Committee and the full
House to act swiftly to bring H.R. 7128 to the floor for
passage. CREFC and its members stand ready to serve as a
resource to the Committee and staff as this legislation moves
forward.
Thank you for your continued leadership on this issue.
Sincerely,
CRE Finance Council.
Mr. FLOOD. Mr. Speaker, I urge all of my colleagues to support this bill, and I reserve the balance of my time.
Mr. CLEAVER. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise to support H.R. 7128, the TRIA Program Reauthorization Act of 2026, sponsored by Representative Flood.
to reauthorize the Terrorism Risk Insurance Program for 7 years. This is a bipartisan bill, as it has been in past reauthorizations.
I first thank Chairman Hill, Ranking Member Waters, Representative
availability of affordable terrorism risk insurance all across the country, which small businesses, hospitals, universities, not-for- profits, and others rely on.
TRIA was first enacted after the September 11 terrorist acts. After the attack, terrorism risk insurance all but disappeared, and any coverage that could be found was extremely expensive. Without terrorism insurance, commercial reconstruction in New York stalled, raising the threat of larger economic fallout.
insurers and policyholders and access to terrorism risk insurance by creating a Federal backstop in the event of catastrophic losses. Since then, the program has effectively done just that.
recognize the Federal Government's role in supporting economic development through TRIA. In our role in Congress, as stakeholders, we unanimously agree with that act.
TRIA is set to expire at the end of 2027. By reauthorizing the program ahead of that deadline, it will offer desperately desired certainty to policyholders moving forward.
2034 and make targeted but sensible updates to the program. The bill would increase the threshold to certify an individual terrorism event to require more than $10 million in property and casualty insurance losses from the current level of more than $5 million. It would also codify the existing regulatory requirement that Treasury provides public notice in the Federal Register within 30 days of beginning the process of certification determination and require Treasury to issue its determination within 90 days of that notice.
allow the Secretary of the Treasury to extend the review period for an additional 365 days if there is insufficient information at the time to determine certification.
their efforts on the bill, as their communities were directly impacted by tragedies caused by terrorism.
Mr. Speaker, I urge all of my colleagues to support this essential legislation, and I reserve the balance of my time.
The SPEAKER pro tempore. Without objection, the gentleman from Arkansas (Mr. Hill) will control the remainder of the time for the majority.
There was no objection.
The SPEAKER pro tempore. The gentleman from Arkansas is recognized.
Mr. HILL of Arkansas. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, let me thank Chairman Flood and Ranking Member Cleaver of the subcommittee and certainly our full committee ranking member, Ms. Waters, for their work with the majority to craft this extension of the Terrorism Risk Insurance Act.
The reauthorization of this program is important. I thank, on a bipartisan basis, those who have worked to bring it to fruition.
Every Member of this body, Mr. Speaker, including you, my friend, knows where they were on September 11, 2001. That day changed everything, including how America thought about risk. Before those attacks, the private insurance market handled terrorism risk like any other. After 9/11, no insurer could price it or absorb it alone.
Congress subsequently created TRIA in 2002. The purpose of TRIA is spelled out in the original law. Section 101(b) states that TRIA is designed to provide for “a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism in order to protect consumers.”
protection and confidence they need to build skyscrapers, sports venues, and malls, and employ workers that drive our economy.
what is not and to look at what adjustments are needed to keep delivering market certainty and stability.
{time} 1510
for those policyholders to get their claims paid quickly and fully and left insurers adrift in the lurch of a clunky will-they/won't-they certification process.
Mr. Flood's bill today proposes a modest set of improvements that will add clarity to the certification process and make it easier for insurers to pay their claims in a timely manner and easier for policyholders to recover financially when they need those payments the most.
sides of the aisle and others as we have moved to get out in front of this program's scheduled expiration in December 2027 so that everyone would have an opportunity to review and debate the modest improvements contained in this measure.
fixture of American life. Whether you are in Los Angeles, the Big Apple, or Little Rock, this risk does not respect geography, and it does not go away.
I urge my colleagues to support Mr. Flood's bill, and I reserve the balance of my time.
Mr. CLEAVER. Mr. Speaker, I would like to enter into a colloquy with the chairman.
entrusted by the United States to determine access to Federal aid based on a political yard sign.
Act, this type of action violates the mission of Federal programs that Congress designs to work for all Americans.
Likewise, H.R. 7128 is also designed to avoid anything like that from happening in the future with regard to the Terrorism Risk Insurance Program.
terrorist attacks in an effort to ensure all businesses, not just some, could access terrorism insurance coverage. Since then, we have repeatedly reauthorized the act to provide certainty to all American businesses and the insurance market.
for that reason, some of the changes we made to the act would ensure that certainty is a part of what both sides believe to be necessary.
Mr. Speaker, I know the chairman agrees with me on this matter, and I value his thoughts as well.
Mr. Speaker, I yield to the gentleman from Arkansas (Mr. Hill) to engage in a colloquy with me.
Mr. HILL of Arkansas. Mr. Speaker, I appreciate the gentleman yielding, and I agree with his assessment.
our businesses, indeed our economy at large after something unthinkable takes place.
coverage available to their clients, who can choose to purchase it or not in addition to their traditional business insurance coverage.
continuity after a large-scale terrorism event, as well as to provide businesses the fastest path to economic recovery.
of this reauthorization to pursue pathways that interrupted that system and flow of that important post-event recovery capital.
Member Waters and I have worked to include some small but important reforms to the post-event process to make sure that policyholders can get their claims paid more fully and quickly, the way that TRIA intended.
policyholders first, and that is represented in the bill text that we are voting on today.
I thank the gentleman from Missouri for yielding.
Mr. CLEAVER. Mr. Speaker, I yield myself the balance of my time to close.
Mr. Speaker, TRIA exists because the private market, left alone, will not provide adequate terrorism risk insurance for businesses, universities, and policyholders. The losses are too large and
too unpredictable for private insurers to price or absorb alone. We learned this after September 11 when coverage all but vanished and commercial reconstruction stalled in New York City.
decades, TRIA has kept the market functioning. H.R. 7128 reauthorizes that Federal reinsurance program for 7 years, extending certainty to small businesses, hospitals, universities, and not-for-profits that rely on it.
This is a bipartisan piece of legislation. With TRIA set to expire at the end of 2027, passing this bill now and by reauthorizing it through 2034 with sensible targeted updates is both timely and necessary.
Mr. Speaker, I again urge my colleagues to support this bill, and I yield back the balance of my time.
Mr. HILL of Arkansas. Mr. Speaker, I yield myself the balance of my time to close.
Mr. Speaker, I echo agreement with Ranking Member Cleaver's words today as well as the chairman of our subcommittee, Mike Flood, and his hard work on both sides of the aisle to bring forward this 7-year reauthorization of this critically important program well in advance of its expiration.
Mr. Speaker, what I love about this is the majority and the minority, working together for the benefit of the American economy, are getting this done well in advance of any loss or gap in coverage.
We know it is important. We treasure the fact that we are in the semiquincentennial year of our country's life, 250 years after the Declaration of Independence, but everybody in the back of their mind on this House floor in the coming weeks will be thinking about another anniversary, one that we are not celebrating with fireworks or bands or parades, and that is, sadly, the 25th anniversary of the terror attacks on Washington, New York, and our country at large. It makes us sad, and we reflect on those who we lost, the claims that we are still paying, the families that are still mourning.
country to do things right, to be thinking about the future, to be thinking about our Nation's economic growth, prosperity, and the safety of the American people.
today and support this 7-year reauthorization of our Terrorism Risk Insurance Program, and I yield back the balance of my time.
Mr. ROSE. Mr. Speaker, too often Congress reflexively renews sprawling federal backstops that the market no longer needs—quietly gambling with taxpayers' exposure to potentially massive losses while ignoring the absence of any real market breakdown. This TRIA reauthorization fits the pattern perfectly: another automatic green light for an open-ended federal guarantee, despite no evidence of a genuine market failure.
it created the Terrorism Risk Insurance Act, or TRIA. The statute laid out that the program was established as “. . . a temporary federal program that provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism, in order to (1) protect consumers by addressing market disruptions and ensure the continued widespread availability and affordability of property and casualty insurance for terrorism risk; and (2) allow for a transitional period for the private markets to stabilize, resume pricing of such insurance, and build capacity to absorb any future losses, while preserving State insurance regulation and consumer protections.”
That's the law's own language—and the key phrase here is “temporary federal program.” TRIA was never meant to be permanent. It was designed to give the private market time to adjust, mature, and ultimately take full responsibility for insuring against terrorism risk. Yet here we are, twenty plus years later, marking up another long-term reauthorization that continues to rely on federal involvement instead of meaningfully reducing it.
proposal, but I believe that H.R. 7128 misses an opportunity. Rather than putting TRIA on a path toward less government exposure and greater private-sector responsibility, this bill extends the federal backstop until December 31, 2034—nearly nine years from now. That's hardly consistent with the statute's intent of providing a “transitional” program.
I also believe that H.R. 7128 violates the spirit—if not the letter—of the House Republican floor protocols for the 119th Congress, particularly the requirement that federal programs be subject to a sunset “not later than seven years” after spending is first authorized or continued. Under Section 2, H.R. 7128 does not merely “add seven years” to a distant end date; it strikes “2027” and inserts “2034,” making this authorization effective as soon as the bill is enacted and keeping TRIA in force through the end of 2034.
sunset standard is to measure from when the reauthorized program actually takes effect—namely, when this bill is signed into law and TRIA's federal backstop is once again authorized. In other words, the “clock” should start when we newly authorize or continue the program, not from the old termination date written in prior law. Viewed that way, characterizing H.R. 7128 as a simple seven-year extension obscures the reality that Congress would be reauthorizing a significant federal program for nearly a decade at once, in tension with our Conference's stated commitment to regular review and reconsideration of federal spending and backstop authorities.
been activated. In the 20 plus years since TRIA was enacted, there has not been a single Treasury-certified act of terrorism that met the program's financial trigger. Not once has the federal government been required to step in under TRIA.
this space—it has thrived under the shelter of a taxpayer-funded guarantee. According to the Treasury Department, from 2003 to 2023 insurers collected roughly $56.7 billion in terrorism risk premiums.
federal protection; it is evidence that insurers have the experience, capital, and appetite to keep cashing premium checks while the public absorbs the worst-case downside risks. In effect, taxpayers provide free reinsurance so that insurance carriers can book steady revenue and protect record surpluses—a classic example of privatized gains and socialized risk. Given this track record, the question is no longer whether insurance companies can begin to shoulder more of the risk, but why they have been allowed to avoid doing so for this long.
exposure or establish a serious glide path for an eventual federal exit, this bill simply extends the program nearly as-is. I find that deeply disappointing, because I do not believe the federal government should be in the business of permanently backstopping risks that the private sector is clearly capable of handling on its own.
It did not have to be this way. I offered an amendment that I believe would have greatly improved this bill by beginning the long-overdue process of shifting more terrorism risk off taxpayers and back onto the well-capitalized insurance industry where it belongs.
First, my amendment would have reduced the federal cost share. Under current law, the federal government covers 80 percent of covered losses above insurer deductibles. My amendment would have reset that share to 75 percent and then ratcheted it down by 1 percentage point a year until it reached 70 percent. This would have created a gradual, predictable glide path that would give insurers time to adjust while steadily reducing federal exposure and putting more responsibility back on the private market where it belongs.
taxpayers are forced to step in. Under current law, the program trigger remains frozen at $200 million. My amendment would have raised that trigger by $10 million per year until it reached $250 million, and then indexed it to inflation using a benchmark selected by the Treasury Secretary through a rulemaking process. That approach would have kept the trigger aligned with economic reality instead of shrinking in real terms and quietly expanding the federal role, ensuring that more of the risk stays with insurers rather than being shifted to taxpayers.
reauthorization by changing the program termination date to five years after enactment. Five years provides ample certainty for markets, but it also respects the fact that TRIA was supposed to be temporary, and that Congress should regularly revisit the scope of federal involvement.
homework this bill avoids, laying out how, within a few years, we could dramatically reduce taxpayer risk and make the industry shoulder a larger share of the costs. It would have directed Treasury to study how an annual participation fee on insurers in TRIA could be structured, including options that generate substantial aggregate fees and deposit them into a dedicated fund at Treasury that can be used solely to cover future federal outlays or reimbursements under the program. The study would have been required to examine fee designs that are proportionate to insurer size and premiums, so that
small insurers from the mandatory availability requirement could work without undermining the long-term health of the program. Treasury would then have been required to report back to the Financial Services Committee with concrete findings and legislative options, giving us real data to build a system that shifts more risk off taxpayers and onto the well-capitalized insurance companies that benefit from TRIA.
My amendment would not have pulled the rug out from under anyone; it simply asked the insurance industry to start standing on its own two feet. It took modest, measured steps to ratchet down the federal share, raise and index the trigger, shorten a long-term reauthorization, and finally force a serious conversation about a participation fee and dedicated fund that would put taxpayers ahead of industry convenience.
more than a procedural obligation—we make a promise. In TRIA's case, there is no ambiguity about that promise: the statute itself describes it as a temporary federal program. The Members of Congress considering this legislation have, in my view, a covenant with our predecessors who first authorized TRIA on that basis. To honor that covenant, we must either set this program on a genuine path of reform, as my amendment would have done, or have the courage to let it expire. A long-term extension with only minimal changes does not satisfy that obligation.
and for their efforts to maintain stability in this space, and I appreciate their willingness to engage in this important discussion. But when we shrink from doing the difficult things; when we refuse to challenge an industry all too eager to cash terrorism insurance premium checks backed by taxpayers; when we cannot even agree on modest, common-sense reforms to a backstop that has never once been triggered, we miss a rare opportunity to leave the terrorism insurance marketplace stronger and more accountable than we found it. For all of these reasons, I must oppose H.R. 7128 in its current form.
The SPEAKER pro tempore. The question is on the motion offered by the gentleman from Arkansas (Mr. Hill) that the House suspend the rules and pass the bill, H.R. 7128, as amended.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds being in the affirmative, the ayes have it.
Mr. HILL of Arkansas. Mr. Speaker, on that I demand the yeas and nays.
The yeas and nays were ordered.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, further proceedings on this motion will be postponed.