TESTIMONY

by Kathryn S. Wylde, President and CEO
PARTNERSHIP FOR NEW YORK CITY

New York, New York
December 18, 2007

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Statement From Kathryn Wylde, President & CEO of the Partnership for New York City Congressional Approval Of Terrorism Risk Insurance Act Extension

 “The New York City business community applauds Congress for a seven year extension of the Terrorism Risk Insurance Act (TRIA). Without the federal insurance backstop provided by TRIA, the private insurance market would not be able to absorb the costs associated with a large-scale terrorist incident. It is critical to businesses in New York and other urban centers to have access to coverage in order to finance development and stimulate economic growth. In addition, New York City alone has half of the insured risk in the country, making TRIA that much more important to the future of our $460 billion economy.”

The Partnership for New York City (www.pfnyc.org) is a network of business leaders dedicated to enhancing the economy of the five boroughs of New York City and maintaining the city’s position as the center of world commerce, finance and innovation.