On Tuesday, the U.S. Senate Committee on Banking, Housing and Urban Development held a hearing on reauthorizing the Terrorism Risk Insurance Program (TRIP). The program is currently scheduled to expire on Dec. 31, 2020.

Since its initial enactment, TRIP has undergone three additional reauthorizations—in 2005, 2007 and 2015—with many reforms to protect taxpayers and increase private-sector involvement. The Big “I” believes the significant reforms from the 2015 reauthorization strike the right balance of ensuring that the program remains stable and strong while protecting the taxpayer.  Additional significant reforms are unnecessary and could significantly restrict the efficacy of the program.

The hearing covered the importance of TRIP and its effectiveness since its first enactment. During the hearing, witnesses also discussed the importance of reauthorizing the program as early as possible to maintain its stability. At the beginning of the hearing, Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) both recognized the effectiveness and importance of the program. While acknowledging the significant reforms made in the 2015 reauthorization, Chairman Crapo also made clear that he wanted to examine potential avenues for further limiting taxpayer exposure.

The Big “I” submitted written testimony to the committee urging Congress to act well in advance of the 2020 deadline and reauthorize a long-term, clean extension of this important program.

Wyatt Stewart is Big “I” senior director of federal government affairs.