Rep. Frank Lucas (R-Okla.) voted in favor of the Terrorism Risk Insurance Program Reauthorization Act (TRIA) on Wednesday.
The bill extends 2002’s Terrorism Insurance Act, which established insurance coverage in the event of an act of terror.
Lucas said the bill facilitates stability and economic growth.
“The long-term extension of the Terrorism Risk Insurance program means greater stability for our nation’s job creators,” Lucas said. “We cannot allow grave threats from the Islamic State and other terrorist organizations to stifle our country’s growing economy. Rebuilding is a critical element in standing up to terrorism, and I believe this wartime measure provides an extremely important piece of mind for consumers and industries in the United States.”
After the attacks on the World Trade Center on Sept. 11, 2001, businesses were not able to purchase insurance that covered damage from terrorism. The Terrorism Insurance Act created a public-private joint system that oversees insured losses due to acts of terror. So far, the program as cost the government nothing.
At this time, the reauthorization bill has passed both houses of the legislature and has been sent to President Barack Obama. If the bill were to be vetoed, the current system would expire on Dec. 31.