CALVERT SUPPORTS HOMELAND SECURITY AND TERRORISM RISK INSURANCE
WASHINGTON, DC - Congressman Ken Calvert (R-CA) voted in support of a Homeland Security Department late last night and Terrorism Risk Insurance today. The Department of Homeland Security legislation had been held up in the Senate but House and Senate leaders arrived at a compromise that a majority in both houses supported. The Terrorism Risk Insurance Act ensures the continued financial capacity of insurers to provide coverage for risks from terrorism.
"Since September 11, the focus of the government has been how best to protect the citizens of America as well as support our military in the war on terror," stated Rep. Calvert. "These two bills go a long way in backing up the talk that has taken place since that tragic day. American citizens can finally see the results of positive, proactive legislation that is meant to protect them and aid them in this new reality we must now live in."
The Department of Homeland Security Bill (H.R. 5710) preserves the essential functions of the proposal the President submitted to Congress in June but also reflects several important changes. The new provisions clarify roles and responsibilities of the Department, help create a world-class workforce within the civil service framework, enhance research and development opportunities and protect civil liberties.
"The Department of Homeland Security will streamline our intelligence sharing process and continue to work towards securing our borders," said Rep. Calvert.
The Terrorism Risk Insurance Act establishes a federal backstop to protect against the risk of future catastrophic terrorist losses in the commercial property and casualty insurance marketplace. The Act is triggered when the Secretary of the Treasury, in concurrence with the Secretary of State and the Attorney General, certifies that a terrorist act has occurred casing at least $5 million of covered insured losses in the United States. The backstop lasts for three years.
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