WASHINGTON, Dec. 17, 2014 /PRNewswire-USNewswire/ -- The Real Estate Roundtable today urged the House and Senate to make reinstatement of the Terrorism Risk Insurance Act (TRIA) a top national priority when the new Congress convenes in January.
Jeffrey D. DeBoer, President and CEO of The Real Estate Roundtable today said:
"It is extremely unfortunate that Congress failed to extend the Terrorism Risk Insurance Act (TRIA) before adjourning for the year. The economy is finally showing signs of sustained positive growth. This legislation is very important to maintain this positive growth. With this congressional session now over, we are committed to working with the incoming Congress to finish the job started in this Congress. TRIA simply must be reauthorized as soon as possible to mitigate the economic damage that a lack of terrorism insurance will cause over time."
"Without TRIA, a large number of commercial real estate projects around the country will now fail to get financing, leading to cancellations, job losses and lost tax revenue at the local level. This credit issue will only increase in time as more transactions come to market. In addition to commercial real estate, businesses and institutions of all types and sizes will be affected — hospitals, universities, sports facilities, amusement parks, museums and municipal infrastructure owners. This law does not stop terrorist attacks. But it does disrupt terrorists' goals of damaging our economy. The Real Estate Roundtable is committed to working with all Members of Congress to get this essential work done early in 2015, so that we can minimize broader economic harm."
About The Real Estate Roundtable
The Real Estate Roundtable brings together leaders of the nation's publicly-held and privately owned real estate ownership, development, lending and management firms with the leaders of national real estate trade associations to jointly address key national policy issues relating to real estate and the overall economy. Collectively, Roundtable members' portfolios contain over 12 billion square feet of office, retail and industrial properties valued at more than $1 trillion; over 1.5 million apartment units; and in excess of 2.5 million hotel rooms. Participating trade associations represent more than 1.5 million people involved in virtually every aspect of the real estate business.
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SOURCE Real Estate Roundtable