Tria Program Reauthorization Act of 2026
Floor Speech
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Mr. FLOOD. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 7128) to extend the Terrorism Risk Insurance Program, and for other purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows: H.R. 7128
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.
This Act may be cited as the ``TRIA Program Reauthorization Act of 2026''. SEC. 2. EXTENSION.
Section 108(a) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking ``2027'' and inserting ``2034''. SEC. 3. IMPROVEMENTS TO CERTIFICATION PROCESS.
Section 102(1) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
(1) in subparagraph (B)--
(A) in clause (i), by striking ``or'' at the end;
(B) in clause (ii), by striking ``exceed $5,000,000.'' and inserting: ``exceed--
``(I) with respect to an act that occurred in a year before 2029, $5,000,000; and
``(II) with respect to an act that occurred in 2029, or any year thereafter, $10,000,000; or''; and
(C) by adding at the end the following:
``(iii) the Secretary did not issue to the public a final determination to certify such act as an act of terrorism before the expiration of the applicable period described in subparagraph (D)(ii).''; and
(2) by striking subparagraph (D) and inserting the following:
``(D) Review and determinations.--
``(i) Notice of review.--
``(I) In general.--The Secretary shall, not later than 30 days after beginning the process of determining whether to certify an act as an act of terrorism, publish a notice in the Federal Register that informs the public that the Secretary is in the process of determining whether to certify the act as an act of terrorism.
``(II) Additional notice permitted.--The Secretary may, as the Secretary determines appropriate, notify the public, through publication in the Federal Register, or otherwise, that an act is not being evaluated by the Secretary to determine whether it should be certified as an act of terrorism.
``(ii) Period of review.--
``(I) In general.--Except as described in subclause (II), the Secretary shall conclude any process of determining whether to certify an act as an act of terrorism not later than 90 days after publishing a notice in the Federal Register under clause (i)(I).
``(II) Exception.--If, during the 90-day period following the publication of a notice in the Federal Register under clause (i)(I), the Secretary determines there is insufficient information available at that time to determine if an act is eligible for certification as an act of terrorism, the Secretary may, before the end of such 90-day period, extend the process of determining whether to certify an act as an act of terrorism for a period not to exceed 365 days following the date on which the damage attributable to such act occurred, as determined by the Secretary, and shall notify the public of any such extension.
``(iii) Issuance of final determination.--If the Secretary decides to certify an act as an act of terrorism, the Secretary shall, before the expiration of the period applicable under clause (ii), issue to the public a final determination that certifies such act as an act of terrorism and such determination shall be irrevocable.
``(iv) Rule of construction.--Nothing in this subparagraph may be construed to require to the Secretary to issue a final determination under clause (iii) about any act that the Secretary does not certify as an act of terrorism.''. SEC. 4. REPORTING.
Section 104(h)(2) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
(1) by redesignating subparagraphs (B), (C), (D), (E), and (F) as subparagraphs (C), (D), (E), (F), and (G), respectively; and
(2) by inserting after subparagraph (A) the following:
``(B) a list of each act with respect to which the Secretary published a notice in the Federal Register under section 102(1)(D)(i) during the preceding calendar year, that includes--
``(i) any final determination issued by the Secretary under section 102(1)(D)(iii) with respect to such act; or
``(ii) a concise explanation of why the Secretary did not issue a final determination under section 102(1)(D)(iii) with respect to such act;''. SEC. 5. TECHNICAL AMENDMENTS.
(a) In General.--Section 103(e)(7)(E)(i) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
(1) in subclause (I)--
(A) by striking ``2022'' and inserting ``2029''; and
(B) by striking ``2024'' and inserting ``2031'';
(2) in subclause (II)--
(A) by striking ``2023'' and inserting ``2030'';
(B) by striking ``2029'' and inserting ``2036''; and
(C) by striking ``2024'' and inserting ``2031''; and
(3) in subclause (III)--
(A) by striking ``2029'' and inserting ``2036''; and
(B) by striking ``2024'' and inserting ``2031''.
(b) Technical Corrections.--
(1) Terrorism risk insurance act .--The Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking ``Terrorism Insurance Program'' each place it appears in text or headings and inserting ``Terrorism Risk Insurance Program''.
(2) Federal insurance office.--Section 313(c)(1)(D) of title 31, United States Code, is amended by striking ``Terrorism Insurance Program'' and inserting ``Terrorism Risk Insurance Program''.
Mr. Speaker, I include in the Record the CBO estimate for this bill. EFFECTS ON DIRECT SPENDING AND REVENUES OF LEGISLATION CONSIDERED UNDER SUSPENSION OF THE RULES IN THE HOUSE OF REPRESENTATIVES WEEK OF JUNE 29, 2026 ---------------------------------------------------------------------------------------------------------------- Additional Information on Link to Bill Number Title Effect on Direct Effect on Direct Spending Published Spending Revenues and Revenue Estimates Effects ---------------------------------------------------------------------------------------------------------------- H.R. 7128.................... TRIA Program Increase by at Increase by at Would increase Reauthorization Least $500K. Least $500K. direct Act of 2026, as spending and amended. revenues by several billion dollars and reduce the deficit by more than $1 billion. ----------------------------------------------------------------------------------------------------------------
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Mr. FLOOD. Mr. Speaker, I will start today by thanking Chairman Hill, Ranking Member Waters, and my co-lead on this bill, Congressman Andrew Garbarino. All of us have worked together on legislative text that would reauthorize the Terrorism Risk Insurance Program while also making changes that will protect taxpayers.
This legislation would reauthorize TRIA, the program established by Congress in the aftermath of the September 11, 2001, terrorist attacks, through 2034. We are so fortunate that we have never seen a TRIA claim in the program's entire history. I hope that we never ever see one.
However, if this program is going to continue to exist with a public backstop, we should ensure we update its charter to protect taxpayers in the event of future claims, and we should work to ensure the certification process is transparent. Allow me to briefly walk through the changes this bill makes to TRIA.
Number one, this legislation increases the amount of losses that must result from an event for it to be eligible for review by the Department of the Treasury as a terrorism risk insurance event.
The current statutory threshold is $5 million, and this bill would increase that to $10 million for events in 2029 and later. That change will keep this threshold in line with inflation, and it will put in place appropriate protections for taxpayers from future claims.
This legislation also provides a couple of new deadlines, or shot clocks, as you may have them, for the Department of the Treasury to certify whether an event is an act of terror.
That process would work as follows. First, the Treasury Department would publish its intent to examine a potential event more closely in the Federal Register. They must publish this notice within 30 days of initiating their review of an event. Then, 90 days after publishing that notice in the Federal Register, the Treasury Department would need to come to a decision about whether that event qualifies as an act of terror. If the Treasury Department needs more time, they could extend that deadline up to a year after the original event occurred.
Because the program, again, thankfully, has never been tested, we don't have much of a case study on how Treasury's review process would work today. What we do know is that markets tend not to react well to uncertainty. With no active deadlines for review, the current process leaves a lot of room for ambiguity and uncertainty.
We want to ensure that if, God forbid, we are in the position of reacting to a potential terrorist attack with a Treasury review, there is sufficient structure to the process to provide insureds and insurers with the information they need on when to expect Treasury's review to conclude.
With these changes, there will be transparency for everyone in the market regarding when Treasury is undertaking a review of specific events and when they can expect a final decision on whether an event is covered by TRIA.
I am so pleased to have bipartisan support for this commonsense reauthorization of the Terrorism Risk Insurance Program.
Mr. Speaker, I include in the Record seven letters of support on behalf of this bill. Mortgage Bankers Association, Washington, DC, June 29, 2026. Hon. Mike Johnson, Speaker, House of Representatives, Washington, DC. Hon. Hakeem Jeffries, Minority Leader, House of Representatives, Washington, DC. Hon. French Hill, Chairman, Committee on Financial Services, House of Representatives, Washington, DC. Hon. Maxine Waters, Ranking Member, Committee on Financial Services, House of Representatives, Washington, DC.
Dear Speaker Johnson, Leader Jeffries, Chairman Hill, and Ranking Member Waters: On behalf of the Mortgage Bankers Association (MBA), I am writing to express our support for H.R. 7128, the TRIA Program Reauthorization Act of 2026, as amended, in advance of the bill's anticipated consideration by the full House under suspension of the rules this week. As you know, a similar version of the legislation passed the House Financial Services Committee in late January by the wide bipartisan margin of 51 to 2. MBA urges all Members to vote ``Aye'' on H.R. 7128, as amended, when it comes before the full House for a vote.
The Terrorism Risk Insurance Act (TRIA) of 2002 (P.L. 107- 297) and its subsequent reauthorizations have been essential to MBA's members, as private insurers cannot adequately supply terrorism coverage without a federal backstop. Thus, the uninterrupted continuation of the TRIA program going forward remains a critical consideration.
By extending TRIA for seven years, H.R. 7128, as principally sponsored by Reps. Mike Flood, Emanuel Cleaver, and Andrew Garbarino, will provide certainty to the broad array of businesses (across countless economic sectors) that rely upon this critical program.
The bill, as most recently amended, also includes measured reforms that would (1) raise the program's certification ``trigger'' loss threshold from $5 to $10 million (beginning in 2029) and (2) add an enhanced event timeline for Treasury Department certification of domestic acts of terrorism.
With $5.02 trillion in total mortgage debt outstanding the commercial real estate finance (CREF) sector, which is comprised of key capital sources including commercial banks, life insurance companies, the housing Government Sponsored Enterprises (``GSEs'') Fannie Mae and Freddie Mac, the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA), commercial mortgage-backed securities (CMBS) issuers, debt funds, and other institutional sources, is a large and integral part of the national economy.
Together, these capital sources support the financing of the office, retail, industrial, and multifamily rental properties that serve as the foundation of our communities and our nation. Beyond housing individual families, these properties also accommodate the businesses that are the engines for our nation?s vibrant and diverse economy. Any gap in the availability of terrorism risk insurance would negatively impact the CREF sector and ripple through the broader economy--as buildings would become more difficult and costly to finance, sell, and purchase.
The enactment of a long-term TRIA reauthorization is especially critical for the affected CREF mortgage servicers whose functions include review of insurance coverage, negotiating and placing coverage when not in place, receipt of insurance and mortgage payments, customer service, escrow administration, investor accounting, collections, foreclosures, and more. Phrased differently, MBA's CREF members hold the single largest share of real estate debt outstanding in all markets--and therefore retain the ``lion's share'' of the financial risk associated with property damage or destruction. Conclusion
MBA commends you for taking such early action (during calendar year 2026) on a longterm TRIA reauthorization--an action needed well-prior to the program's expiration on December 31, 2027, to provide continued market certainty and prevent key policyholders (like our members) from facing any meaningful gap in coverage.
Again, MBA urges an ``Aye'' vote on H.R. 7128, as amended, by all House Members during a vote scheduled to take place this week (most likely later today).
We look forward to our ongoing work together in the coming weeks and months to promote a competitive, sustainable real estate finance market within the United States.
Thank you in advance for the consideration of the views expressed within this letter. Sincerely, Bill Killmer, Senior Vice President, Legislative and Political Affairs. ____ National Association of Realtors, June 29, 2026. Re Support for House passage of H.R. 7128, the TRIA Program Reauthorization Act of 2026, as amended. Hon. Mike Johnson, Speaker, House of Representatives, Washington, DC. Hon. Steve Scalise, Majority Leader, House of Representatives, Washington, DC. Hon. Hakeem Jeffries, Minority Leader, House of Representatives, Washington, DC. Hon. Katherine Clark, Minority Whip, House of Representatives, Washington, DC.
Dear Speaker Johnson, Leader Scalise, Leader Jeffries, and Whip Clark: The National Association of REALTORS (NAR) urges the House to pass the Terrorism Risk Insurance Act (TRIA) Program Reauthorization Act of 2026 (H.R. 7128). This critical bill would reauthorize the TRIA program for seven years, through 2034.
A long-term reauthorization of TRIA is essential to maintaining the availability of terrorism risk insurance, a prerequisite for financing across much of the commercial real estate market. When terrorism coverage becomes uncertain or unavailable, lenders may restrict credit and owners can face technical defaults--disruptions the federal backstop was designed to prevent. Multi-year reauthorization provides stability, supporting transactions, construction, and jobs nationwide.
The bill also improves transparency in Treasury's event- certification process by requiring public notice within 30 days of initiating a review and establishing a 90-day review framework, with a limited extension when sufficient information is not available. It also updates the statutory threshold from $5 million to $10 million to ensure the certification process focuses on larger events. Clearer, time-bound signals from Treasury help reduce post-incident uncertainty and support prudent market risk management.
NAR urges House passage of the TRIA Program Reauthorization Act. Reauthorizing TRIA while strengthening certification transparency will promote market confidence, help keep terrorism coverage available, and safeguard investment and economic activity across the country. Sincerely, Kevin Brown, 2026 President, National Association of REALTORS. ____ Re BOMA Supports H.R. 7128, TRIA Program Reauthorization Act. June 29, 2026. Chairman French Hill, Ranking member Maxine Waters, House Financial Services Committee, Washington, DC.
Dear Chairman Hill and Ranking Member Waters: On behalf of the Building Owners and Managers Association (BOMA) International and our 16,000 members, we express strong support for H.R. 7128, the Terrorism Risk Insurance Program Reauthorization Act of 2026, and urge its swift passage.
As the nation approaches the 25th anniversary of September 11, 2001, terrorism continues to pose a persistent and evolving threat to the United States. Since that horrific day, numerous foiled plots and completed attacks have spanned the country--many in just the past two years, including a recently disrupted plot targeting a White House event tied to the nation's 250th anniversary celebration. Taken together, these incidents demonstrate that the threat environment remains active, evolving, and immediate.
TRIA remains critical as both a federal backstop in the event of an attack and as a tool that enables our members to secure financing, maintain insurance coverage, and continue operating and servicing commercial properties nationwide. Without this program, the availability and affordability of terrorism risk insurance would be significantly constrained, undermining real estate markets and broader economic stability.
We commend the bipartisan work of the House Financial Services Committee and its decision to advance this legislation early in the Second Session, underscoring the importance of timely action. In particular, we recognize the leadership of Housing and Insurance Subcommittee Chairman Mike Flood in introducing the legislation. Additionally, we appreciate House leadership's efforts to schedule this legislation for floor consideration ahead of the July 4 recess.
For these reasons, BOMA International strongly supports H.R. 7128 and urges its prompt passage.
Thank you again for your leadership on this important issue. Respectfully, Luci Smith,
Chair & Chief Elected Officer, BOMA International. Mary Lue Peck,
President & Chief Operating Officer BOMA International. ____ Lloyd's, New York, NY, June 29, 2026. Hon. Mike Flood, Chairman, Housing & Insurance Subcommittee, Cannon House Office Building, Washington, DC.
Dear Mr. Chairman: We write to you today in support of your bill H.R. 7128, the TRIA Program Reauthorization Act of 2026. We are grateful for your leadership on this critical issue, and we are particularly pleased with your recognition that reauthorizing the Terrorism Risk Insurance Act (``TRIA'') this year will ensure the least disruption to what has been a relatively stable terrorism risk insurance market.
Lloyd's views on terrorism risk, and TRIA in particular, are based upon extensive experience: Lloyd's paid almost $8 billion in claims resulting from the tragic events of September 11th, and led the development of the standalone terrorism market in the U.S. in the days following 9/11. Lloyd's has long been a significant participant in the U.S. commercial property-casualty insurance market, supporting the U.S. economy in the face of numerous catastrophes over the past 150 years. We have supported TRIA since its inception and we are grateful for the bipartisan support in Congress for the program's reauthorization.
Following 9/11, the lack of availability of terrorism insurance had dramatic economic impact. Commercial policyholders found it difficult, if not impossible, to secure terrorism coverage, yet banks and other capital providers would not provide financing in many cases without it. Congress enacted TRIA in 2002 to address this situation, structuring the program to ensure that terrorism insurance is available for commercial policyholders, while providing a potential federal backstop for catastrophic events. Unlike certain other federal insurance programs, TRIA is designed to have the private insurance industry be the principal bearers of risk in the terrorism insurance market, with the federal government only stepping in once certain thresholds are met.
The TRIA program has evolved over time to ensure that the private sector's share of losses continues to grow proportionate to its premium growth, and the result has been a stable terrorism insurance market, with strong take-up rates even as the broader property-casualty market hardened in recent years. Simply put, TRIA is one of those rare government programs that has worked almost exactly as intended. In this vein, Lloyd's favors a ``clean'' reauthorization, as we worry about potential disruption that could be caused by even seemingly minor changes.
That being said, we recognize and truly appreciate the work that went into securing an overwhelming bipartisan 51-2 vote in Committee in January, and we are hopeful that the full House will give a similarly overwhelming vote to approve this important legislation in the coming days.
Again, we thank you for your leadership and look forward to working with you as this critical legislation continues its way through the legislative process this year. Sabrina Miesowitz, General Counsel. June 29, 2026. Hon. Mike Flood, Chairman, Housing and Insurance Subcommittee, Committee on Financial Services, Washington DC.
On behalf of the undersigned organization, we write to express support for H.R. 7128--The TRIA Program Reauthorization Act of 2026 in advance of the anticipated vote in the U.S. House of Representatives this week.
After the September 11th attacks, terrorism insurance became largely unavailable, bringing commercial real estate finance to a virtual halt and negatively impacting the economy for millions of business across the country. As such, Congress rightly responded with the Terrorism Risk Insurance Act, a necessary public-private partnership to ensure affordable and available terrorism insurance coverage at virtually no cost to American taxpayers. As we look back nearly 25 years after 9/11, it is important to recognize the economic development TRIA has supported, while at the same time acknowledge terrorism threats unfortunately have not dissipated.
We commend the House Financial Services Committee, especially the leadership of Chairman Hill, Ranking Member Waters, Subcommittee Chair Flood, and Subcommittee Ranking Member Cleaver, for their work to closely examine the need for TRIA and prompt reauthorization through a hearing last September and its subsequent advancement in January. We appreciate the broad support among members as TRIA approaches a vote before the full House.
TRIA is a critical public-private partnership that ensures the continued availability of terrorism insurance coverage, benefiting the broader economy. We urge Congress to move without delay in reauthorizing the program on a long-term basis. Sincerely,
Coalition to Insure against Terrorism, Council of Insurance Agents & Brokers, CRE Finance Council, Independent Insurance Agents & Brokers (Big ``I''), ICSC, Nareit, National Association of Mutual Insurance Companies, The Real Estate Roundtable, Reinsurance Association of America. ____ U.S. Chamber of Commerce, Washington, DC, June 29, 2026.
To the Members of the House of Representatives: The U.S. Chamber of Commerce supports H.R. 7128, the ``TRIA Program Reauthorization Act of 2026.'' This legislation would provide for a reauthorization of the Department of the Treasury's Terrorism Risk Insurance Program through 2034. It is vital that Congress reauthorize the Terrorism Risk Insurance Act (TRIA) well in advance of its expiration at the end of 2027, so businesses that rely on the program can remain confident it will not lapse.
Since its enactment in 2002, TRIA has served as a critical public-private risk-sharing mechanism, ensuring the commercial availability of terrorism risk insurance and enabling a more resilient economic recovery in the event of a terrorist attack. The proactive reauthorization of TRIA is vital to ensuring long-term financial safety and stability, providing businesses across the country with the necessary support and certainty to manage the unique risks associated with terrorism-related events.
This legislation includes changes to the event certification process and other technical adjustments. While the Chamber would prefer a clean reauthorization of the program, we recognize the importance of ensuring this critical economic backstop remains in place without disruption. We commend the House Financial Services Committee for acknowledging the necessity of this program and advancing the legislation with an overwhelming bipartisan vote of 51 to 2.
The Chamber urges you to support TRIA's vital mission by voting for this important legislation, and we look forward to working with Congress to ensure timely reauthorization. Sincerely, Foxhall Parker, Senior Director, Center for Capital Markets Competitiveness. ____ June 29, 2026 Re CREFC Support for H.R. 7128, the TRIA Program Reauthorization Act of 2026. Hon. French Hill, Chairman, House Committee on Financial Services. Hon. Mike Flood, Chairman, Subcommittee on Housing and Insurance. Hon. Maxine Waters, Ranking Member, House Committee on Financial Services. Hon. Emanuel Cleaver II, Ranking Member, Subcommittee on Housing and Insurance.
Dear Chairman Hill, Ranking Member Waters, Chairman Flood, and Ranking Member Cleaver: On behalf of the CRE Finance Council (CREFC), the trade association representing the over $6 trillion commercial real estate finance industry, we write to express our strong support for H.R. 7128, the TRIA Program Reauthorization Act of 2026, and to thank you for your leadership in advancing this important bipartisan legislation.
Terrorism risk insurance is a key underwriting requirement across nearly every segment of commercial real estate finance, including loans held on balance sheet and those securitized in CMBS transactions. Lenders, servicers, and investors rely on the continued availability of the federal Terrorism Risk Insurance Program to ensure affordable coverage remains accessible to commercial property owners, with that certainty reflected directly in loan underwriting, pricing, and securitization documents. Any lapse, or even the prospect of one, introduces unnecessary uncertainty into the capital markets that finance the nation's office, multifamily, industrial, retail, and hospitality properties.
H.R. 7128 would extend the Program through 2034, providing the long-term certainty our members and their borrowers need to plan and invest with confidence.
We appreciate that this legislation has advanced with bipartisan support, and we urge the Committee and the full House to act swiftly to bring H.R. 7128 to the floor for passage. CREFC and its members stand ready to serve as a resource to the Committee and staff as this legislation moves forward.
Thank you for your continued leadership on this issue. Sincerely, CRE Finance Council. ____
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