For Immediate Release
July 17, 2014
ABA Media Contact: Jeff Sigmund
(202) 663-5439

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ABA Statement on Senate Passage of Terrorism Risk Insurance Program Reauthorization Act of 2014

By James Ballentine, ABA’s executive vice president of congressional relations and political affairs

​          “ABA, its American Bankers Insurance Association subsidiary and the ABA Securities Association applaud the Senate for passing the Terrorism Risk Insurance Program Reauthorization Act of 2014 in an overwhelming bipartisan vote.

          “TRIA provides an essential reinsurance backstop for insurers, allowing them to fill the need for terrorism coverage policies for our citizens and business communities at reasonable prices and with sufficient limits.  Without TRIA, the private market for terrorism insurance would likely be minimal or nonexistent, particularly in metropolitan areas where coverage is needed most.  TRIA reauthorization is a top priority for ABA and ABIA, and should be enacted quickly to prevent market disruption. 

          “We thank Sen. Tester (D-Mont.) for offering an amendment that would create the National Association of Registered Agents and Brokers, which simplifies the agent licensing process to ensure they can serve clients no matter where they live, a goal our members strongly support.  We also thank Sen. Vitter (R-La.) for his amendment that would require at least one member of the Federal Reserve Board to have a community banking background, which will help ensure the Fed has governors with strong, practical banking experience and expertise.”

The American Bankers Association is the voice of the nation’s $14 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $11 trillion in deposits and extend nearly $8 trillion in loans.
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