Cleaver: Work on legislation continues even as impeachment progresses

(From Fifth District Congressman Emanuel Cleaver)

It has been another busy week for the House of Representatives as we continue to pass legislation to the benefit of the American people.

While I am certain you have been paying close attention to the public impeachment hearings, the work of Congress does not stop at the oversight of the Executive Branch. 

As I examined the evidence of potential high-crimes and misdemeanors during the evenings, I understand Congress must continue legislating on issues important to our constituents during the day.

I am happy to report the Financial Services Committee, of which I Chair a subcommittee, was especially active this week, passing six different pieces of legislation through the House of Representatives with bipartisan support. 

These bills deal with important issues, such as allowing the Securities and Exchange Commission (SEC) to better protect American investors from predatory financial activities, reforming disaster relief programs to ensure disaster relief is distributed efficiently and equitably, providing federal housing assistance to youths who are aging out of foster care, and enabling Indian Tribes better access to homeless assistance. 

I’m proud to say I was a cosponsor of H.R. 3702, H.R. 4300, H.R. 4344, and H.R. 4029, which tackle all of these issues head on.

However, I take distinct pride in the passage of H.R. 4634, which reauthorizes the Terrorism Risk Insurance Act (TRIA) for seven years. 

For those who are unaware, TRIA was passed into law following the September 11 attacks in 2001 and created the Terrorism Risk Insurance Program. This program is critically important to the stability of the American economy and our national security. 

While TRIA may not be well-known to most, that is due to the fact the program has done its job in protecting businesses and the economy at-large from rising insurance rates and major disruptions in the insurance markets.

In today’s dollars, the September 11 attacks caused more than $40 billion in estimated insured losses. 

***
Advertisement

The Buck Starts Here: Harry S. Truman and the City of Lamar- Available now from Amazon.com in paperback and e-book formats. The only book that tells the story of the 33rd President and the small Missouri city where he was born.

***

After such devastating financial costs, insurers and reinsurers pulled back from offering terrorism coverage. Many feared that a lack of insurance against terrorism loss would have a wide-ranging economic impact, particularly because insurance coverage can be a significant factor in lending decisions. 

Congress took action to prevent massive disruption in the insurance market by passing TRIA in 2002, and the program has been extended three times due to its success.

As Chairman of the Financial Services Subcommittee on National Security, I’ve been proactive in trying to extend the program so that Congress can avoid its typical legislate-by-deadline strategy when the program expires in 2020. 

In May, I hosted a roundtable discussion on TRIA in Kansas City with Congressmen Lacy Clay (MO), Al Green (TX), Ed Perlmutter (CO), and local stakeholders in attendance. We had a fruitful discussion where we were able to hear from local businesses and insurers on what was working and ways in which we could improve the program.

After taking these ideas and perspectives back to Washington and working with Republicans to find a bipartisan extension, I helped put together H.R. 4634 and co-introduced the bill as an original sponsor. 

Following a markup hearing last month to gather even more input from industry stakeholders, I was pleased to see the bill taken up for a vote by the full House and passed with overwhelming bipartisan support this week. 

The Senate is already working on its version of the bill, and I’m hopeful we can reach an agreement that would allow Congress to send legislation to the President’s desk for his signature.

You may be wondering how this affects Kansas City. I like to remind people that the Midwest is not immune from potential terror attacks, and, in fact, the first major terrorist attack in America occurred in Oklahoma City. 

Many people are unaware that Timothy McVeigh, the Oklahoma City bomber, actually stopped in Kansas City on his way to Oklahoma. God forbid, should a terrorist attack our city, or any city in the United States, the financial damages to small businesses and large businesses alike could be calamitous. By extending TRIA, we ensure the stability of our economy, and close any window of potential vulnerability should the program expire.

I understand that many people and the media are focused on the public impeachment hearings. I believe this focus is well-warranted as evidence of corruption continues to mount against this administration. However, I want to let you know that the House of Representatives, the Financial Services Committee, and myself remain hard at work addressing issues facing everyday Americans. As the House continues its work for the people, I will be sure to keep you apprised.