The following statement was released by Robert Kramer, Vice President, Government Affairs, Financial Executives International, in response to Congress’ recent passing of the Terrorism Risk Insurance Program Reauthorization Act (TRIA):
“FEI and its Committee on Corporate Treasury are grateful to the House and Senate for providing much needed clarity that Dodd Frank does not, and for ensuring that financial regulators cannot impose unnecessary regulatory requirements and costs on the use of derivatives by non-financial end-users. These companies are seeking only to mitigate their business risk and do not contribute to systemic risk. FEI applauds Congress’ recognition of this important language in H.R. 26, Terrorism Risk Insurance Program Reauthorization Act (TRIA), passed by the Senate today by a margin of 93 to 4, and passed by the House yesterday by an overwhelming 416 to 5 margin. FEI would also like to acknowledge the important role played by the members of FEI’s Committee on Corporate Treasury in providing the expertise and enthusiasm necessary to convince Congress to pass this momentous legislation.”