Robert D. Broeksmit Statement on House Passage of TRIA Reauthorization
|Rob Van Raaphorst|
WASHINGTON, D.C. (November 19, 2019) - Robert D. Broeksmit, CMB, President and CEO of the Mortgage Bankers Association (MBA), released the following statement on the U.S. House of Representatives' passage of H.R. 4634, the Terrorism Risk Insurance Program Reauthorization Act of 2019:
"MBA commends the House for its overwhelmingly bipartisan passage of this legislation to reauthorize the Terrorism Risk Insurance Act (TRIA) program for seven years. The long-term extension of TRIA is vital to the health of the commercial and multifamily real estate finance sector and the nation as a whole. With $3.4 trillion in total mortgage debt outstanding, members of the commercial/multifamily real estate finance sector are important end users of the TRIA program and represent a large and integral part of the national economy.
"MBA commends the House leadership, Financial Services Committee Chairwoman Maxine Waters, and Ranking Member Patrick McHenry for working to expedite a vote on this important legislation. We are heartened that the Senate Banking Committee will be considering a similar bipartisan proposal (S. 2877) offered by Senators Thom Tillis and Tina Smith later this week, and look forward to that bill's consideration by the full Senate as soon as possible."