Tuesday, September 18, 2007

Bill to Extend Terror Insurance Faces Bush Veto

Clouds of dust filled the air, screams surrounded all those on the streets and the people all throughout the nation gasped at the horrible sight before their eyes. This is September 11th, 2001, the day our nation was attacked and many were left feeling defenseless.
An article today in the New York Times caught my eye, it didn't have anything to do with the most recent scandal or any of our current presidential candidates. This article that I'm talking about had to do with a piece of our history, an event in time that will go in ours and future generation's text books. After the attacks on September 11th 2001, Congress passed the "Terrorism Risk Insurance Act", this was basically a huge "backstop" for insurance claims having to do with acts of terrorism. TRIA was first intended only to be a temporary act that would last from November 26, 2002 to December 31, 2005 (the act was given a two year extension; December 2007) Now that the TRIA is about to expire many are left with the question of "is it really time to let it go, or do we need to extend the expiration date?" This article is very interesting and worth reading because the article is all about how President Bush wants to veto the extension, which could be beneficial to some, and others find themselves with the question, "what if there is an attack and TRIA is no longer in place, then what?" I think that many will find themselves on the fence with this one.
http://www.nytimes.com/2007/09/18/us/nationalspecial3/18terror.html?_r=1&ref=washington&oref=slogin