Lawmaker urges seven-year reauthorization of terrorism insurance program
June 29, 2026 | Financial Services: House Committee, Standing Committees - House & Senate, Congressional Hearings Compilation, Legislative, Federal
This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »
A lawmaker on the Financial Services committee urged colleagues to support HR 7128, the TRIA Program Reauthorization Act of 2026, saying the measure would reauthorize the Terrorism Risk Insurance program for seven years and provide certainty for businesses and institutions that rely on terrorism coverage.
The lawmaker said the bill, sponsored by Representative Flood, is bipartisan and “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.” The member also described statutory changes to Treasury’s administrative timeline: requiring public notice in the Federal Register within 30 days of beginning a certification determination and a Treasury decision within 90 days of that notice, with an allowance for the Treasury Secretary to extend review by up to an additional 365 days if more information is required.
The member framed TRIA as a market backstop created after the Sept. 11, 2001 attacks to restore availability of terrorism insurance, saying it helped restart commercial reconstruction and protect small businesses, hospitals, universities and nonprofits. The speaker thanked Committee leaders — “Chairman Hill” and “Ranking Member Waters” — Representative Flood and committee staff for their work on the bill and acknowledged Congresswoman Velasquez and Congresswoman Presley for representing communities affected by terrorism-related tragedies.
The lawmaker’s remarks contained one factual error when recounting the statute: the member stated that “Congress passed TRIA in 2022.” TRIA was originally enacted in 2002 after the Sept. 11 attacks; this article corrects that date while reporting the member’s broader point about the program’s origin and purpose.
No vote or formal motion on HR 7128 was recorded in the provided remarks. The speech concluded with the member urging support and reserving the balance of their time.
The lawmaker said the bill, sponsored by Representative Flood, is bipartisan and “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.” The member also described statutory changes to Treasury’s administrative timeline: requiring public notice in the Federal Register within 30 days of beginning a certification determination and a Treasury decision within 90 days of that notice, with an allowance for the Treasury Secretary to extend review by up to an additional 365 days if more information is required.
The member framed TRIA as a market backstop created after the Sept. 11, 2001 attacks to restore availability of terrorism insurance, saying it helped restart commercial reconstruction and protect small businesses, hospitals, universities and nonprofits. The speaker thanked Committee leaders — “Chairman Hill” and “Ranking Member Waters” — Representative Flood and committee staff for their work on the bill and acknowledged Congresswoman Velasquez and Congresswoman Presley for representing communities affected by terrorism-related tragedies.
The lawmaker’s remarks contained one factual error when recounting the statute: the member stated that “Congress passed TRIA in 2022.” TRIA was originally enacted in 2002 after the Sept. 11 attacks; this article corrects that date while reporting the member’s broader point about the program’s origin and purpose.
No vote or formal motion on HR 7128 was recorded in the provided remarks. The speech concluded with the member urging support and reserving the balance of their time.
View the Full Meeting & All Its Details
This article offers just a summary. Unlock complete video, transcripts, and insights as a Founder Member.
✓
Watch full, unedited meeting videos
✓
Search every word spoken in unlimited transcripts
✓
AI summaries & real-time alerts (all government levels)
✓
Permanent access to expanding government content
30-day money-back guarantee
