Washington D.C. — The Senate’s recent bipartisan vote of 93-4 extends for six years the Terrorism Risk Insurance Act (TRIA), a significant policy tool against the potential economic fallout of terrorism that helps protect businesses nationwide from ongoing threats, provides certainty to commercial real estate markets and allows transactions to move forward without significant interruption, according to The Real Estate Roundtable.
“As the economic recovery gains traction, a swift, multi-year enactment of TRIA is essential for maintaining a flow of liquidity into commercial real estate markets,” said Roundtable Chairman Robert S. Taubman (Chairman, President and CEO – Taubman Centers, Inc.). “TRIA is an essential public policy that will maintain positive economic momentum, aid job creation and support growth nationwide,” added Taubman.
“Senate Majority Leader McConnell and Minority Leader Reid acted quickly and decisively on this important economic security issue,” said Roundtable President and CEO Jeffrey DeBoer. “We appreciate their efforts, as well as the dogged leadership of Sen. Charles Schumer (D-NY) in achieving this vote of approval today. Now, we look forward to President Obama’s swift enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2015,” added DeBoer.
Under the federal program, TRIA would be extended until year-end 2020, and in the event of a catastrophic terrorist attack, gradually increase the loss threshold that triggers federal assistance, from $100 million to $200 million.
About The Real Estate Roundtable The Real Estate Roundtable brings together leaders of the nation’s publicly-held and privately owned real estate ownership, development, lending and management firms with the leaders of national real estate trade associations to jointly address key national policy issues relating to real estate and the overall economy. Collectively, Roundtable members' portfolios contain over 12 billion square feet of office, retail and industrial properties valued at more than $1 trillion; over 1.5 million apartment units; and in excess of 2.5 million hotel rooms. Participating trade associations represent more than 1.5 million people involved in virtually every aspect of the real estate business.