119-HR-7128 Journalist Public Summary

Public Summary: H.R. 7128 — TRIA Program Reauthorization Act of 2026

Headline Summary: Extend the federal terrorism‑insurance backstop to 2034 and speed up how the government decides whether an attack qualifies for insurance coverage. (home.treasury.gov)

What It Does: The bill continues the Terrorism Risk Insurance Program (TRIP) through 2034; the program currently runs through 2027. It also updates how an event gets certified as “an act of terrorism” by raising the minimum insured‑loss threshold from $5 million to $25 million and by creating a 90‑day window: if Treasury doesn’t certify within 90 days after giving public notice it’s reviewing an event, the event won’t be certified. Treasury must also publish a notice within 30 days of starting any certification review. These changes are meant to reduce limbo for insurers and policyholders after major incidents. (home.treasury.gov)

Why It Matters: TRIA is a public‑private backstop that helps keep terrorism coverage available and affordable for businesses and projects; GAO says the market is generally stable under the program, but uncertainty around certification timing has been a pain point—this bill targets that gap. (gao.gov)

Who’s For It:

• Sponsors: Reps. Mike Flood (R‑NE) and Andrew Garbarino (R‑NY).
• Historic backers of TRIA reauthorizations include major business and insurance groups (e.g., U.S. Chamber of Commerce, APCIA, NAIC, real estate and banking associations), arguing the backstop is essential for investment and jobs. (smith.senate.gov)
• Past reauthorizations have drawn broad bipartisan support, reflecting a shared interest in market stability. (congress.gov)

Who’s Against It:

• Skeptics typically argue the backstop extends federal involvement in a risk the private market should shoulder, potentially exposing taxpayers and distorting prices. (congress.gov)
• Others question whether, two decades on, the program should be narrowed or allowed to sunset absent clearer evidence that private coverage would disappear. (congress.gov)

What’s Next: As of January 16, 2026, H.R. 7128 was introduced and referred to the House Committee on Financial Services; next steps would be a committee hearing/markup, possible House floor vote, then Senate consideration.