Terrorism Risk Insurance Revision and Extension Act of 2007 - OpenCongress Wiki
Terrorism Risk Insurance Revision and Extension Act of 2007
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| H.R.2761 (110th Congress) - Terrorism Risk Insurance Revision and Extension Act of 2007 | Status: Bill Is Law |
Contents |
Background
The Terrorism Risk Insurance Act was originally passed in 2002 to provide federal compensation to cover part of the losses incurred by insurers as a result of acts of terrorism.[1]
Summary
The Terrorism Risk Insurance Revision and Extension Act of 2007 (H.R.2761) revised and extended the Terrorism Risk Insurance Act until 2014. It also expanded the definition of acts of terrorism covered under the act to include acts of domestic terrorism.[2]
Bill Passage
H.R. 2761 passed the House on September 19, 2007 by a vote of 312-110.
On Passage
| Dem | Rep | Other | |
| Ayes | 224 | 88 | 0 |
| Nays | 2 | 108 | 0 |
| Abst. | 5 | 5 | 0 |
Same for all scorecards:
- Name of bill: Terrorism Risk Insurance Revision and Extension Act of 2007
- Chamber: U.S. House of Representatives
- Roll call number: 884
- Congress number: 110th
- Session number: 1
- Vote link: U.S. House of Representatives record vote 884, 110th Congress, Session 1
| Scored vote | |
|---|---|
|
Scorecard: Club For Growth 2007 House Scorecard |
Org. position: {{{Vote position 1}}} |
|
Description: "Vote on the bill that would reauthorize the Terrorism Risk Insurance Act (TRIA) for 15 years. The pro-growth vote was "nay" because the bill would crowd out private insurers, leading the government to be the sole provider of terrorism risk insurance. Passed 312-110." (Original scorecard available at: http://www.clubforgrowth.org/2008/05/the_2007_congressional_scoreca.php) | |
| Scored vote | |
|---|---|
|
Org. position: Aye | |
|
Description: "This legislation extends the previous Terrorism Risk Insurance Act for seven years. Despite efforts to better protect the homeland, not enough has changed since the attacks of September 11, 2001, to justify allowing the Terrorism Risk Insurance Act to expire. Catastrophic terrorism remains an uninsurable risk because, unlike most insurable natural disasters, its frequency and location cannot be predicted, and its potential scale can be devastating. Congress and the administration recognized the terrorism insurance crisis and passed the Terrorism Risk Insurance Act of 2002, which was extended in 2004. This legislation created a partnership between the government and the private sector to provide businesses with a much-needed sense of security in the event of a catastrophic domestic terror attack." (Original scorecard available at: http://www.uschamber.com/issues/legislators/07htv_house.htm) | |
The bill was amended in the Senate and passed by unanimous consent on November 16, 2007. The amended version of the bill was then approved by the House on December 18, 2007 by a vote of 360-53.[3]
Suspend the Rules and Agree to the Senate amendment
| Dem | Rep | Other | |
| Ayes | 216 | 144 | 0 |
| Nays | 3 | 50 | 0 |
| Abst. | 12 | 7 | 0 |
On December 26, 2007, President Bush signed H.R. 2761 into law.[3]
Articles and resources
See also
References
- ↑ Speaker of the House Nancy Pelosi's (D-Calif.) page on Terrorism Risk Insurance. Accessed April 13, 2009.
- ↑ CRS summary of H.R.2761 as of December 26, 2007.
- ↑ 3.0 3.1 OpenCongress' info page on H.R.2761.
