U.S. Chamber Backs S. 4395 Terrorism Insurance Reauthorization

The U.S. Chamber of Commerce is pressing the Senate Banking Committee to report S. 4395, the Terrorism Risk Insurance Program Reauthorization Act of 2026, to the full Senate without delay.

The Chamber's endorsement, set out in a letter signed by Alex Swindle, Director of the Center for Capital Markets Competitiveness, lands just days after the 25th anniversary of the September 11 attacks — the tragedy that prompted Congress to create the program in the first place.

"The U.S. Chamber of Commerce writes in strong support of S. 4395, the Terrorism Risk Insurance Program Reauthorization Act of 2026, and urges the Committee to report the bill favorably to the full Senate," Swindle wrote in the letter addressed to Chairman Scott and Ranking Member Warren.

A Program Born From 9/11

The Terrorism Risk Insurance Act, enacted in 2002, established a public-private risk-sharing mechanism designed to keep terrorism risk insurance commercially available. In Swindle's words, TRIA has ensured "the commercial availability of terrorism risk insurance and enabling a more resilient economic recovery in the event of a terrorist attack."

The letter frames the timing as significant. "Just days after marking the 25th anniversary of the September 11 attacks, it is fitting that the Senate Banking Committee is moving to reauthorize the very program Congress created in response to that tragedy," Swindle wrote.

He reminded the committee that the losses in New York City, Shanksville, PA, and at the Pentagon "forever changed our world," and that terrorism threats "have not dissipated."

The Clock: End of 2027

TRIA is currently set to expire at the end of 2027. The Chamber's central argument is timing: businesses that depend on the program need certainty well before that deadline.

"It is vital that Congress reauthorize TRIA well in advance of its expiration at the end of 2027, so businesses that rely on the program can remain confident it will not lapse," the letter states.

For insurers, property owners, and corporate risk managers, a lapse would carry real consequences. The program underpins the availability and pricing of terrorism coverage across commercial lines — coverage that private markets alone have historically been unwilling to provide at scale after catastrophic attacks.

Bipartisan Breadth

The bill carries unusual political weight for a Congress often split along party lines. The Chamber's letter commends Chairman Tim Scott, Ranking Member Elizabeth Warren, and Senators McCormick, Smith, Tillis, and Gallego for their leadership in advancing the legislation.

The measure "has earned the broad bipartisan support of 37 members of the Senate," the letter notes — a sizable bloc spanning both parties.

"We urge the Committee to favorably report S. 4395 without delay, and we look forward to working with Congress to ensure timely reauthorization," Swindle wrote.

What Comes Next

The immediate step is a committee vote to send the bill to the Senate floor. With 37 co-sponsors already attached and the country's largest business lobby aligned behind it, S. 4395 enters the legislative queue with more momentum than most reauthorization bills manage — though final passage timing, as always in the Senate, remains the open question.

The Chamber's push signals that the business community intends to treat the 2027 expiration as a 2026 priority, not a deadline-eve scramble.