The House has crafted a “backwards approach” to legislation providing a federal backstop to terrorism risk insurance, Sen. Charles Schumer, D-N.Y. said today.
Schumer add the legislation reported out by the House Financial Services Committee will make it harder to insure and guarantee financing for job-creating building projects across the country.
Moreover, it “fails to provide the long-term certainty that developers and business owners need,” Schumer says.
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