October 17, 2007
Washington, DC—Senate Majority Leader Harry Reid made the following statement today after the Senate Banking Committee, by a 20-1 vote, reported bipartisan legislation to extend by seven years the federal terrorism risk insurance program:
“I applaud Chairman Dodd and the members of Senate Banking Committee for moving this important legislation out of committee, where it now awaits the full Senate’s consideration. As we work to make America more secure and Americans safer, extending the terrorism risk insurance program will ensure the private insurance market has a federal backstop in the event of an attack.
“Without this program, terrorism insurance will become unavailable or prohibitively expensive, construction projects would grind to a halt and Americans would lose jobs. In Las Vegas alone, where construction is expected to create hundreds of thousands of jobs in the coming years, this would be unacceptable. I look forward to moving this legislation through the Senate before year’s end.”