Mayor Bloomberg joins call for TRIEA renewal

In urging renewal of the federal terrorism reinsurance program, New York City Mayor Michael Bloomberg noted that the city is doing its part.

He reported that the N.Y. City police department has built counterterrorism operations that are responding to threats as they arise. Also, he has proposed an investment of $15 million in the Lower Manhattan Security Initiative, which will help safeguard bridges, tunnels, and other infrastructure downtown.

But state and city governments need the federal government to stay involved, Bloomberg said.

“[S]hould the worst happen, we also must be fully prepared to minimize the impact on our 8.2 million citizens, as well as the millions of commuters and tourists who come here each day. This preparation includes not only strengthening rescue and recovery operations, but also taking preventive steps to stabilize the city’s economy in the event of an attack. The federal government’s leadership in enhancing the availability of commercial insurance has been – and must remain – a crucial part of this strategy,” he told the Congressional panel.

Bloomberg also said current real estate projects in the city are on course to create “hundreds of thousands of new jobs” and more than $10 billion in additional property tax revenue.

“Their importance to our economy cannot be overstated. But without terrorism risk insurance, none of them would ever get off the ground. And if projects like this are put in jeopardy… so will the future of our city – the global financial leader for America,” Bloomberg warned.