The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Nebraska (Mr. Flood) and the gentleman from Missouri (Mr. Cleaver) each
will control 20 minutes.
  The Chair recognizes the gentleman from Nebraska.

                             General Leave

  Mr. FLOOD. Mr. Speaker, I ask unanimous consent that all Members may
have 5 legislative days in which to revise and extend their remarks and
include extraneous material on this bill.
  The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Nebraska?
  There was no objection.
  Mr. FLOOD. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I include in the Record the CBO estimate for this bill.

 EFFECTS ON DIRECT SPENDING AND REVENUES OF LEGISLATION CONSIDERED UNDER SUSPENSION OF THE RULES IN THE HOUSE OF
                                      REPRESENTATIVES WEEK OF JUNE 29, 2026
                                                                                       Additional
                                                                                     Information on    Link to
         Bill Number                 Title       Effect on Direct     Effect on     Direct Spending   Published
                                                     Spending          Revenues        and Revenue    Estimates
                                                                                        Effects
H.R. 7128....................  TRIA Program      Increase by at    Increase by at   Would increase
                                Reauthorization   Least $500K.      Least $500K.     direct
                                Act of 2026, as                                      spending and
                                amended.                                             revenues by
                                                                                     several
                                                                                     billion
                                                                                     dollars and
                                                                                     reduce the
                                                                                     deficit by
                                                                                     more than $1
                                                                                     billion.

  Mr. FLOOD. Mr. Speaker, I will start today by thanking Chairman Hill,
Ranking Member Waters, and my co-lead on this bill, Congressman  Andrew
Garbarino. All of us have worked together on legislative text that
would reauthorize the Terrorism Risk Insurance Program while also
making changes that will protect taxpayers.
  This legislation would reauthorize TRIA, the program established by
Congress in the aftermath of the September 11, 2001, terrorist attacks,
through 2034. We are so fortunate that we have never seen a TRIA claim
in the program's entire history. I hope that we never ever see one.
  However, if this program is going to continue to exist with a public
backstop, we should ensure we update its charter to protect taxpayers
in the event of future claims, and we should work to ensure the
certification process is transparent. Allow me to briefly walk through
the changes this bill makes to TRIA.
  Number one, this legislation increases the amount of losses that must
result from an event for it to be eligible for review by the Department
of the Treasury as a terrorism risk insurance event.
  The current statutory threshold is $5 million, and this bill would
increase that to $10 million for events in 2029 and later. That change
will keep this threshold in line with inflation, and it will put in
place appropriate protections for taxpayers from future claims.
  This legislation also provides a couple of new deadlines, or shot
clocks, as you may have them, for the Department of the Treasury to
certify whether an event is an act of terror.
  That process would work as follows. First, the Treasury Department
would publish its intent to examine a potential event more closely in
the Federal Register. They must publish this notice within 30 days of
initiating their review of an event. Then, 90 days after publishing
that notice in the Federal Register, the Treasury Department would need
to come to a decision about whether that event qualifies as an act of
terror. If the Treasury Department needs more time, they could extend
that deadline up to a year after the original event occurred.
  Because the program, again, thankfully, has never been tested, we
don't have much of a case study on how Treasury's review process would
work