Gates' support of extending federal terrorism backstop praised
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The Coalition to Insure Against Terrorism is welcoming former Defense Secretary Robert Gates' call to extend the federal government's terrorism insurance backstop.
In an address at the annual meeting of the Property Casualty Insurers Association of America in Scottsdale, Arizona, Mr. Gates said Monday that allowing the program to lapse on Dec. 31 would be a “huge mistake” by Congress and doing so would be “oblivious” to the threats that exist.
The Washington-based coalition, which supports reauthorization of the terrorism insurance backstop established by the Terrorism Risk Insurance Act of 2002, praised Mr. Gates' stance.
“Former Secretary Gates is right: Terrorism is a tragic fact of life, and we must extend the law that serves as a critical tool in our nation's fight against these threats,” a spokesman for the coalition said Tuesday in a statement. “Each day Congress delays reauthorization, our economy is left more vulnerable to the devastating consequences of terrorism. When members return to Washington in November, they must reauthorize this critical law.”
Congress is expected to take up reauthorization of the program when it convenes in a post-election lame duck session next month.
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