In an era where bitter partisanship seems to be the biggest obstacle to sound public policy, it is gratifying when leaders in both parties can come together to get something done. When their action benefits the American economy, then that is even better and more remarkable.
Congress is on the verge of accomplishing just such an outcome by reauthorizing the Terrorism Risk Insurance Act.
We can all remember the horror of Sept. 11, 2001 and the massive destruction that came with it. The losses were staggering. Almost 3,000 innocent civilians lost their lives–more than were killed in the attack on Pearl Harbor. Insurers paid out over $35 billion in claims–financial resources that enabled businesses and the economy to recover.
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