New York's U.S. Senate delegation expressed disappointment with the Treasury Department's report on the Terrorism Risk Insurance Act, criticizing its findings as "careless" and based on ideological, rather than factual grounds.
As one of the targets of the attacks on Sept. 11, 2001, and considered among the top potential targets for future attacks, officials from New York have been strong proponents of TRIA, which provides a federal backstop for terrorism coverage. The program is currently scheduled to expire at the end of this year, but legislation extending it for an additional two years has been introduced in Congress.
Last week, the Department of the Treasury released it's report, mandated by the original TRIA legislation. In the report, Treasury said that if the program is to be extended, it should be changed to limit the amount of potential federal support.
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