MBA Applauds House Passage of TRIA Reauthorization Bill

“The House's strong bipartisan passage of this legislation is a significant step toward ensuring the long-term stability and certainty that the commercial real estate finance market depends on. MBA commends Financial Services Committee Chair French Hill and Ranking Member Maxine Waters, Housing and Insurance Subcommittee Chair and Ranking Member Mike Flood and Emanuel Cleaver, and Homeland Security Chairman Andrew Garbarino for their leadership in advancing this critical legislation, and we thank House lawmakers for their overwhelming bipartisan support.

“TRIA has long served as a successful public-private partnership that protects taxpayers, supports economic growth, and ensures businesses of all sizes can obtain the terrorism risk insurance coverage needed to finance, develop, buy, and operate commercial properties across the country. With more than $5 trillion in commercial and multifamily mortgage debt outstanding, any lapse in the program would create unnecessary uncertainty, disrupt financing markets, and increase costs for property owners, businesses, and communities nationwide.

“Senators David McCormick, Tina Smith, Thom Tillis, and Ruben Gallego have introduced a bipartisan Senate companion TRIA extension bill. With only minor differences between the House and Senate measures, Congress has a clear opportunity to complete its work this year – well before TRIA expires on December 31, 2027.

“MBA encourages leaders in both chambers to advance a long-term TRIA reauthorization measure that President Trump can sign into law as soon as possible.”