Rep. Randy Neugebauer (R-Texas), chairman of the House Financial Services Subcommittee on Housing and Insurance, released a glowing statement after the House’s reauthorization of the Terrorism Risk Insurance Act, which strengthens the original act.
The reauthorization, by adopting the Neugebauer amendment and passing House bill S. 2244, decreases the federal share of losses, doubles the taxpayer protection trigger, better ensures compensation for taxpayers and encourages greater private-sector participation.
“Following the Senate’s playbook, the House has also attached bipartisan reforms to TRIA that would help boost our economy and job opportunities for all Americans,” Neugebauer said. “I am especially proud of the inclusion of Dodd-Frank fixes that would help hard-working farmers, ranchers and business owners in the 19th District of Texas. These men and women did not cause the financial crisis, and they deserve regulatory relief from this poorly crafted regulatory overreach that negatively impacts Main Street.”
Neugebauer also said he is pleased with the re-establishment of the National Association of Registered Agents and Brokers (NARAB).
“(The NARAB) is an efficient and effective way to enable insurance agents and brokers to be licensed on a multi-state basis while retaining essential state regulatory authority,” Neugebauer said. “In times of divided government, negotiation is important. I am proud of … my colleagues for effectively legislating to move TRIA forward while enacting meaningful reforms to protect taxpayers and help our economy get back on track.”