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TIMES LEDGER --Maloney urges Congress to extend terror act
July 23, 2014
U.S. Rep. Carolyn Maloney (D-Astoria) called on Congress to extend the Terrorism Risk Insurance Act at Ground Zero Saturday.
With time running out on the legislative calender, she said quick action is needed to prevent the program’s expiration, which Maloney called vital to New York’s economy.
“After 9/11 you couldn’t get insurance for a hot dog stand, development stalled and New York was slow to rebuild, then Congress passed the Terrorism Risk Insurance Act,” Maloney said. “Now the program is set to expire, but the threat of another attack is still there and New York’s stadiums, theaters and iconic buildings will lose their insurance, making our city even more vulnerable. The program doesn’t cost taxpayers a dime, but congressional gridlock combined with opposition from hard-line Republicans puts the program and our economy at great danger.”