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Maloney, Grimm Want House To Extend Terrorism Risk Insurance Act

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TWC News: Maloney, Grimm Want House To Extend Terrorism Risk Insurance Act
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Two New York representatives are calling on the House to extend the Terrorism Risk Insurance Act.

The legislation provides required terrorism insurance for construction projects in the city, but it is set to expire on December 31, 2014.

Republican Michael Grimm and Democrat Carolyn Maloney are sponsoring the bill.

They say that Congress needs to act now.

Otherwise, the bill's expiration could put a stop to all future high-profile construction in the city.

"If financiers believe that terrorism insurance is going to end soon, they will stop writing the insurance ahead of time," Grimm said.

"Imagine a world without TRIA. You wouldn't have the construction projects, you wouldn't have the insurance, and the economic expansion would basically come to a halt," Maloney said. "I believe this is the most important bill because you will not construct anything of major importance without insurance."

If passed, the government insurance program will be extended for five years.

Grimm hopes to have the House vote on it some time early next year.

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