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Congressman Capuano's
E-UPDATE
An update from the office of U.S. Representative Michael E. Capuano
7th Congressional District of Massachusetts


12,169 subscribers

June 20, 2014

TRIA

This morning the House Committee on Financial Services passed the Terrorism Risk Insurance Act (TRIA). You may recall I introduced legislation reauthorizing TRIA for 10 years along with my Republican colleague Rep. Peter King. TRIA was passed in the aftermath of 9/11 after terrorism insurance suddenly became unaffordable and limited. The high cost of terrorism insurance stymied activity in many industries, affecting workers compensation coverage and halting new construction. TRIA created a federal backstop to help make terrorism insurance available and affordable again. The measure has twice been extended and is set to expire at the end of 2014. The attacks in 2013 at the Boston Marathon were a stark reminder that terrorism remains very real and very difficult to predict.

Unfortunately, I could not support the bill that passed today due to some significant changes in its language. One of the most concerning is essentially classifying terrorist events differently for the purposes of determining cost to insurance companies. A terrorist attack that is considered “conventional” would cost insurers more than attacks carried out through nuclear, chemical, radiological or biological means. The weapon of destruction used by a terrorist simply shouldn’t matter when it comes to TRIA.

TRIA is a program with bipartisan support. There has been some disagreement over how long to extend TRIA but most Members agree that the program should be extended. It is unfortunate that the version currently advancing in the House has become controversial. The Senate has passed its own bipartisan version of TRIA, with moderate changes. It is unclear at this point how the bills will be reconciled.

Appropriations Bills

This week the House continued consideration of Fiscal Year 2015 appropriations bills with H.R. 4870, FY 2015 Defense Department Appropriations. This bill provides $4.1 billion more in funding than the last fiscal year. While there are certainly provisions in H.R. 4870 that I do support, such as increased funding for certain health care programs, I had too many concerns about other provisions. H.R. 4870 contains almost a billion dollars more than requested for Navy aircraft and a half billion more than requested for Air Force planes. At a time when Congress is seeking ways to responsibly reduce spending, it just doesn’t make sense to give the Defense Department money for resources it didn’t even request. I voted NO. H.R. 4870 passed and the entire vote is recorded below:

  YEA NAY PRESENT NOT VOTING
REPUBLICAN

219

6

0

7

DEMOCRAT

121

67

0

11

TOTAL

340

73

0

18

MASSACHUSETTS
DELEGATION

2

7

0

0

What’s Up Next Week

Next votes are scheduled for Monday June 23rd. The House is expected to consider H.R. 6, the Domestic Prosperity and Global Freedom Act, H.R. 3301, the North American Energy and Infrastructure Act and H.R. 4899, the Lowering Gasoline Prices to Fuel an America That Works Act of 2014.

Mike


Congressman Mike Capuano
7th District, Massachusetts
Committee on Ethics
Committee on Transportation and Infrastructure
Committee on Financial Services

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Roxbury Community College Campus Library, Room 211, Boston
Stetson Hall Room 124, 6 South Main Street, Randolph

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DC Office:

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DC Office Phone:

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