WASHINGTON, DC—The American Hotel & Lodging Association (AH&LA) issued the following statement after the Senate adjourned and failed to reauthorize the Terrorism Risk Insurance Act (TRIA):
“We are extremely disappointed and shocked that Congress was not able to come to an agreement to extend TRIA, despite both chambers passing similar versions of the reauthorization measure with overwhelming bipartisan support. This completely avoidable setback will have serious ramifications on the economy, stunting further economic development and job growth. The expiration of TRIA in 15 days will lead to increased uncertainty and impact our entire industry, its employees and the communities in which we live and work. We urge Congress to cast aside politics and make TRIA a priority so that the hotel industry can continue its steady growth and create much-needed jobs,” said Katherine Lugar, AH&LA president and CEO.
First passed by Congress in 2002 in response to the terrorist attacks of 9/11, TRIA was created to provide a federal backstop for terrorism insurance coverage. The program was renewed in 2005 and again in 2007, but expires at the end of this year. Both the Senate and the House passed bipartisan bills to reauthorize the program on a long-term basis, but the two chambers were not able to agree on a process by which to send a single version to the President.