House Financial Services Subcommittee to Convene New York Hearing

on Extension of Terrorism Risk Insurance Act

Washington, DC - Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, announced that on March 5^th, the Subcommittee will hold its first hearing in New York City to discuss extending the Terrorism Risk Insurance Act, which is currently scheduled to expire at the end of 2007.

"The Capital Markets Subcommittee will travel to the city most affected by the 9/11 terrorist attacks to hear firsthand and acquire evidence about the need to ensure the continued availability of insurance to protect against terrorism risk and safeguard our nation's economic security," said Chairman Kanjorski. "This field hearing will help us to understand why the government should continue to partner with the private sector to protect against terrorism risk. It will also help us to identify ideas for revising the law before we expeditiously move a bill in the 110^th Congress to extend and modify the program."

"Traveling to New York will serve as a reminder to those in Congress who make decisions about whether to extend terrorism risk insurance that the risk is very real. It is still clear today that there is not enough capacity in the private sector to insure against terrorism risk. I look forward to working with Chairman Kanjorski on revising the current law, continuing to protect our economy from future attacks, while lessening the burden on the American taxpayer to serve as the ultimate backstop for the Terrorism Risk Insurance Act," added Congresswoman Deborah Pryce (R-OH), the Ranking Republican Member of the Capital Markets Subcommittee.

Who: Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises

What: Subcommittee field hearing, "The Need to Extend the Terrorism Risk Insurance Act"

When: March 5, 2007

10:00 a.m.

Where: City Council Chambers, New York City Hall

131 Duane Street, New York, New York

Congresswoman Carolyn B. Maloney (D-NY), who requested the hearing and who also serves on the House Financial Services Committee concluded, "I am delighted that Chairman Kanjorski is bringing his Subcommittee to New York City so that Members can see for themselves the pressing need for the renewal of federal support for terrorism risk insurance, not just for New York, but for the nation."

Members of the media covering this hearing and members of the general public may enter City Hall through either of two main entrances: Park Row (131 Duane Street) or Broadway. Everyone must pass through magnetometers. City Council Chambers are located on the second floor.

All members of the media planning to cover the hearing are asked to notify Gretchen Wintermantel by Friday, March 2 by calling 202-225-6511 (703-868-6804, cell) or via e-mail at gretchen.wintermantel@mail.house.gov.

###