The House Financial Services Committee today passed the TRIA Reform Act of 2014 (H.R. 4871).
Katherine Lugar, AH&LA president/CEO, said reauthorization of the terrorism risk insurance program is vital to the hotel industry, future development projects, and economic stability.
“We are pleased that this process is moving forward, and thank Chairman [Jeb] Hensarling for bringing this bill up for a vote, as well as for working with stakeholders to modify the committee’s proposal. We commend those committee members who expressed support for a stronger bill in today’s mark-up. AH&LA has significant concerns with the bill in its current form. We urge members to work to improve provisions related to federal recoupment from policy holders, program triggers, and the bifurcation of conventional and non-conventional attacks when the legislation comes before the full House of Representatives.
“Ultimately, we hope the final legislation will more closely reflect the bipartisan bill that was approved unanimously by the Senate Banking Committee,” Lugar continued. “We continue to educate members of Congress on the importance of reauthorizing a program that contributes to our industry’s ability to drive economic growth and job creation, and urge the House to pass a bill that helps us attain that goal.”