Cleaver Applauds House Passage of TRIA Legislation and Other Financial Services Bills
(Washington, D.C.) – Yesterday, the House of Representatives passed multiple bills championed and cosponsored by United States Representative Emanuel Cleaver, II (D-MO), including H.R. 4634, which reauthorizes the Terrorism Risk Insurance Act (TRIA) for 7 years. Congressman Cleaver has been a key leader in Congress on TRIA reauthorization, hosting a roundtable on TRIA in May of this year in Kansas City, and, as Chairman of the Financial Services Subcommittee on National Security, he was an original sponsor of H.R. 4634. Congressman Cleaver chaired a legislative hearing on the bill last month and he pushed for its bipartisan passage out of the Financial Services Committee.
“After working hard to be proactive and come up with a bipartisan framework that would allow for the reauthorization of TRIA, I’m extraordinarily proud of the bill’s passage and the overwhelming bipartisan support we were able to garner,” said Congressman Cleaver. “It’s critically important for the entire nation that Congress not allow TRIA to lapse at the end of this year, and H.R. 4634 is great first step in ensuring that doesn’t happen. Failure to extend this program would unnecessarily destabilize the American economy and leave us vulnerable to any potential attacks. I look forward to working with my colleagues in the Senate to make sure that doesn’t happen.”
Following the attacks of September 11, 2001, insurers and reinsurers pulled back from offering terrorism coverage due to the tremendous losses incurred. Some observers 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 responded to the disruption in the insurance market by passing the Terrorism Risk Insurance Act of 2002. Since that time, Congress has passed multiple extensions to the TRIA program, in 2005, in 2007, and in 2015. The most recent reauthorization extended the program nearly six years, until the end of 2020, while reducing the government's share of the losses compared with the program as it was in 2014. H.R. 4634 would extend the program for another 7 years.
Other legislation passed by the House yesterday and cosponsored by Congressman Cleaver include the following bills:
- H.R. 3702, the Reforming Disaster Recovery Act of 2019, would permanently authorize the Community Development Block Grant-Disaster Relief (CDBG-DR) program and would strengthen administration and oversight of the program to ensure disaster relief is distributed efficiently and equitably. This is the same program that provided over $58 million to Missouri in disaster recovery funds to help alleviate the unmet housing, infrastructure, and economic needs in 2018.
- H.R. 4300, the Fostering Stable Housing Opportunities Act of 2019, would amend the Family Unification Program (FUP) to provide FUP vouchers “on demand” to foster youth who are at risk of homelessness as they transition to adulthood, and would extend the voucher assistance for up to an additional two years if they participate in self-sufficiency activities. As of 2017, there were an estimated 20,000 youth across the country who were “aged out’’ from foster care. Unfortunately, these young adults are one of the most vulnerable populations at risk of falling into homelessness, as they lose access to financial, educational, and social supports that are provided through the child welfare system. Studies show that the sudden and permanent transition from foster care to adulthood is a key driver behind homelessness. This bill will go a long way in stemming this crisis
- H.R. 4344, the Investor Protection and Capital Markets Fairness Act, would require public companies to annually disclose the voluntarily, self-identified gender, race, ethnicity and veteran status of their board directors, nominees, and senior executive officers. The bill also requires the SEC’s Office of Minority Women and Inclusion to, among other things, solicit comment on and publish best practices for compliance with diversity disclosures, as well as create an advisory council that includes issuers and investors to advise on the disclosure requirements. Over 90 percent of companies that participated in a 2017 board diversity survey agreed that increased board diversity will improve their companies’ ability to innovate as well as their overall business performance. America’s diversity is its strength. This legislation will go a long way in embracing that strength through transparency and inclusivity.
- H.R. 4029, the Tribal Eligibility for Homeless Assistance Grants Act of 2019, would make tribes and tribally designated housing entities eligible to receive McKinney-Vento Homeless Assistance Grant funding. McKinney-Vento Homeless Assistance Grants are allocated and administered through Continuums of Care, which is a network of local or regional planning systems. A Department of Housing and Urban Development (HUD) study found that there are between 42,000 and 85,000 homeless Native Americans living on tribal lands. McKinney-Vento Homeless Assistance would unlock resources to help directly confront this problem.
Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Blue Springs, Grain Valley, Oak Grove, North Kansas City, Gladstone, Claycomo, and all of Ray, Lafayette, and Saline Counties. He is a member of the exclusive House Financial Services Committee; Chairman of the House Subcommittee on National Security, International Development, and Monetary Policy; member of the Select Committee on the Modernization of Congress; member of the Committee on Homeland Security; and a Senior Whip of the Democratic Caucus. For more information, please contact Matthew Helfant at 202-225-4535 or Matthew.Helfant@mail.house.gov A high-resolution photo of Congressman Cleaver is available here.