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Old 07-24-2014, 03:18 PM
 
Location: Gulf Coast Texas
28,506 posts, read 15,462,232 times
Reputation: 11420

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The Terrorism Risk Insurance Act, Brought To You By Wall Street, Real Estate Developers and Insurance Companies

The Terrorism Risk Insurance Act, first passed in the aftermath of 9/11 to relieve insurers of deep losses in connection with terrorist acts, was reauthorized easily in the Senate last week.

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The program requires insurers to offer terrorism risk insurance policies in return for backstopping the insurance companies in the event of heavy losses, such as occurred on Sept. 11, 2001. Any insured losses over a given threshold would be covered by the government.


Only four NO votes from the Senate. Sessions (AL), Coburn (OK), Rubio (FL), Roberts (KS).

It still has to pass in the House.

In short - our government is trying to continue using United States taxpayers as the insurers of big business in case of a terrorist attack.
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