Summary
- The committee advanced the Terrorism Risk Insurance Program Reauthorization Act of 2026 by 24-0 and advanced four federal nominees by 13-11 votes each.
- David McCormick said TRIA creates a federal backstop with private-market lead, deductibles, a $200 million trigger, and a $100 billion cap.
- Tim Scott supported Brian Johnson to lead CFPB while Elizabeth Warren opposed him as a Capital One executive paid during his hearing.
- Members united unanimously behind the seven-year TRIA extension through 2034 but split sharply over all four nominees, with Elizabeth Warren voting no.
- The TRIA bill and the four nominations now head to the full Senate, with TRIA action urged a year before the 2027 expiration.
Morning digest
Get hearings like this in your inbox
Transcript
I love all the affection. I call this uh committee to order and move to executive session. We will begin with opening statements. Just days ago, Our nation marked the twenty-fifth anniversary of September the eleventh. We remember the innocent lives taken, the heroes who ran toward danger, and the families who still carry that loss. We also remember a country that came together. In the face of evil, Americans chose to rebuild. Our responsibility is to make sure our communities have the tools to do the same. After September the eleventh, terrorism insurance for apartment buildings, high rises, convention centers, hotels, and other places where people work and gather became difficult to find and expensive to buy. That uncertainty threatened businesses, construction projects, sporting events, and the jobs that support American families. In two thousand two Congress responded with the Terrorism Risk Insurance Act, or TRIA. TRIA created a partnership between private insurers and the federal government. It is not a blank check government subsidy. Private insurers must still share in potential losses and protecting taxpayers must remain a top priority. Thankfully, the program has never had to be used. What a blessing. But we have an obligation to be prepared for the worst. Before I came to Congress, I ran an insurance business in South Carolina. I know an insurance policy is about more than a piece of paper. It's about protecting what you have worked your entire life for. For a small business owner, That can mean the ability to reopen after an attack. For an employee, it can mean having a job to return to. The current program works well and runs through the end of twenty twenty seven, but businesses do not plan one year at a time. Insurance contracts, construction projects, commercial loans, and major investments are planned years in advance. Congress should provide that same certainty by acting now. I thank Senators McCormick, Smith, Tillis, and Gallego
I love you.
for their leadership and urge my colleagues to advance this bipartisan legislation today. We also have before us four of President Trump's nominees for important positions across the federal government. I believe they are qualified and I support moving their nominations to the full Senate. Brian Johnson has been nominated to lead the CFPB. If confirmed, expect him to fight fraud and abuse, respect the law, and preserve access to affordable credit. Abby Warren has been nominated to oversee Export Administration at the Department of Commerce. Her work will help protect sensitive American technology and strengthen our national security. Jeffrey Ledbetter will serve as the Inspector General at HUD. Uh, for f- for families in South Carolina and across the country, good government means protecting their money, preserving their choices, and making sure public servants remember whom they work for. I thank all four members, all four nominees, for stepping forward to serve, and I urge my colleagues to join me in advancing them. Let's provide certainty, protect taxpayers, and help President Trump deliver a government worthy of confidence from the American people. Ranking number one.
Uh, thank you, Mister Chairman. You are right, we are here on the twenty-fifth anniversary of nine eleven. Uh, its memory will not be erased. Our job is to prepare for the worst, and we are here today to execute on that job by passing TRIA. I wanna start with the good news, and that is that we have broad bipartisan support in the committee for reauthorizing the terrorism risk insurance program. And I particularly wanna thank Senator Smith and Senator Tillis, who've been leaders on TRIA for years, and along with Senators Gallego and Senator McCormick, have focused on making sure that it is extended this year. TRIA is an important program that Congress created after nine eleven to protect real estate and commercial development amid ongoing terrorism risks, and it still works. I'd like to see Congress take up some unfinished work including reforms to address cyber risks, terrorism involving nuclear or biological weapons, and taxpayer protections. But for now, I am happy to vote yes on the reauthorization, and I will work with my colleagues on those changes moving forward. Now for the bad news. This committee is moving forward with a partisan mark-up of a slate of Trump nominees all of whom will make a bad economic situation worse. Mister Chairman,
Yes.
President Trump's second term has been a financial disaster for hard-working American families. Inflation is up, interest rates are getting higher, and skyrocketing gas prices from Trump's foolish war in Iran are pushing families to the financial brink. Meanwhile, Trump is running the most corrupt administration in this nation's history. Trump and his family have made over a billion dollars on his crypto grift alone. And while he gets richer, families across the country are forced to pay for gas or buy groceries on credit because they don't have the money just to buy what they need. We need a change, of course. Instead, we are getting a collection of Trump rubber stamps. We have Abby Warren who's been at the Commerce Department, while the Trump Administration rolls back critical export controls, putting big tech profits ahead of America's national security. We have two nominees for HUD, Herve Dennis for CFO, while HUD is worsening the housing crisis by freezing federal housing funds. And Jeffrey Ledbetter for HUD OIG, even though he lacks any relevant experience with housing and has failed to show that he even has a basic understanding of fair housing and civil rights laws. And we have Brian Johnson, President Trump's nominee to be the director of the CFPB. Now, the CFPB is supposed to be the financial cop on the beat to help families who are getting ripped off by their credit card companies unfairly charged by their banks or scammed by payday lenders. But President Trump has all but shut down the entire financial police force, eliminating enforcement of the nation's consumer protection laws. This rollback has already cost Americans over twenty-six billion dollars. That's painful for working families, but financial titans, massive corporations and giant banks are smiling as they rake in the dough. The CFPB under President Trump is one more example of Trump's policy agenda, higher costs for consumers and corrupt giveaways to wealthy insiders. And Mister Johnson is a capital one executive who has spent his entire career spinning through the revolving door. In fact, Mister Johnson, who would be the main regulator over capital one, was being paid by capital one while he sat right in this room during his nomination hearing. Evidently, the plan is to stick to the same script, President Trump's agenda of the rich getting richer and everyone else stuck with the bills. It is irresponsible of Congress to advance Johnson or any other nominee who will be a rubber stamp for Donald Trump's failed policies. I'll be no voting no on all four. Thank you, Mr. Chairman.
Thank you. We'll have two two-minute opening statements from Senator McCormick and Senator Smith and we will start voting. Senator McCormick, you are recognized.
Thank you, Mr. Chairman, ranking member. Uh, I am here to support the Terrorism Terrorism Risk Insurance Program Reauthorization Act of twenty twenty six, a bipartisan bill I've introduced with Senators Smith, Tillis and Gallego. Just days after the twenty-fifth anniversary of September eleventh, we remember first and foremost, Mister Chairman, the profound human tragedy of that day. For Pennsylvanians, that memory was forever tied to the courage and sacrifice of those passengers who charged the the cockpit on flight ninety-three. Now, no insurance program can ever answer that kind of loss, but Congress can help insure that an act of terrorism doesn't continue to inflict damage for many years afterward by freezing lending, stopping construction, threatening jobs, and preventing cun- communities from being rebuilt. Before September eleventh, terrorism was generally covered by standard commercial insurance. However, the tax generated approximately sixty billion dollars in insured losses when adjusted for inflation. And this led to insurers to withdraw from the terrorism insurance market, exclusions became widespread, and coverage became effectively unavailable. Congress responded by creating TRIA, a federal backstop for catastrophic losses that keeps the private market in the lead. The program includes significant individual insurance deductibles, a two hundred million industry trigger, a hundred billion dollar cap, and strong taxpayer protections. No attack has ever been certified under TRIA, and the program has never made a federal payout. We've also seen the consequences of waiting too long. When TRIA briefly lapsed in twenty fourteen, we saw significant market disruption. Congressional inaction led to the program lapsing for twelve days leaving businesses in a state of uncertainty about their coverage, and the ability to renew. And this is an outcome we need to avoid. This bill simply extends the program for seven years through twenty thirty four, acting now, gives businesses, lenders, builders, and insurers the certain they ne- certainty they need to plan, invest, and keep Americas working. I urge my colleagues, to support it. Thank you, Mr. Chairman.
Thank you, Senator Smith.
Uh, thank you so much, uh, Mr. Chair and Ranking Member, I wanna thank you for your comments in support of the TRIA bill, and I appreciate also my partnership with, uh, Senator McCormick on getting this bill done. Um, as many have noted, we stand at the twenty-fifth anniversary of the nine eleven attacks. We're reminded of the great pain and suffering of so many in this country because of those attacks. Um, and uh the threat that terrorism continues to pose to our country. Um I think also as we think about the um extension of this legislation, this bill, that we can understand that housing developers and major event hosts and other businesses need to be able to buy insurance for terrorism so passing this bill today will give them certainty um so that they can continue to do their work of building new homes and bringing new events like the Super Bowl to our communities. and creating jobs for Americans. And when we pass this extension this year, I think it's notable now that we will be a full year before the deadline. Um, so with this bill we can show that Congress can come together uh in a bipartisan basis to do what we need to do to keep housing construction going and job opportunities growing and communities coming together I I wanna thank Senator Warren in particular for your um noting that there are always ways to improve this legislation and as um, we move forward,
Any other member who may wish to speak on the bill or the nominees can do so after we
Thank you. Thank you.
finish voting this morning and now move and call up. And I'll call up S forty three ninety five, the Terrorism Risk Insurance Program Reauthorization Act of twenty twenty six. As there are no amendments filed, the question is now on favorably reporting the bill, Senate Bill forty three ninety five, Shria Act of twenty twenty six. The clerk will call the roll.
The Chairman? Aye. Mister Crapo?
Aye.
Mister Rounds.
Aye.
Mister Tillis.
Aye.
Mister Kennedy.
Aye by proxy.
Mister Haggerty.
Haggerty's aye.
Miss Lummis.
Aye.
Mrs. Britt.
Aye.
Mister Ricketts.
Aye.
Mister Banks.
Aye.
Mister Kramer.
Aye.
Mister Moreno.
Aye.
Mister McCormick. Miss Warren.
Aye.
Mister Reed.
Aye by proxy.
Mister Warner.
Aye by proxy.
Mister Van Hollen.
Aye by proxy.
Miss Cortez Masto.
Aye by proxy.
Miss Smith.
Aye.
Mister Warnock.
Aye by proxy.
Mister Kim.
Aye by proxy.
Mister Gallego.
Aye.
Miss Blunt-Rochester.
Aye by proxy.
Miss Altsa-Brooks.
Aye by proxy.
Mister Chairman, I have twenty four ayes, zero nays.
Here.
I'm gonna assume that you're here as I? For the vote on the TRIA insurance?
Can you just vote?
Can Yes.
Yeah. Uh, I asked you, Mark, if not, to go through the recording, I said I was gonna go next but I'm actually still It's not good.
Excellent. I ask unanimous consent that staff be allowed to make technical and conforming changes and the court-on-rule be waived. Hearing no objections to order, the committee will now consider the nominations of Brian Johnson to be Director of CFPB, Abby Warren to be Assistant Secretary of the Department of Commerce, Irving Dennis to be the Chief Financial Officer of HUD, and Jeffrey Ledbetter to be the Inspector General of HUD. We will now vote on the nomination of Brian Johnson to be the Director of the CFPB. The clerk will call the roll.
The Chairman? Aye. Mister Crapo?
Aye.
Mister Rounds?
Aye.
Mister Tillis?
Aye.
Mister Kennedy.
Aye.
Mister Hagerty.
Hagerty's aye.
Miss Lummis.
Aye.
Mrs. Britt.
Aye.
Mister Ricketts.
Aye.
Mister Banks.
Aye.
Aye.
Mister Kramer. Mister Moreno.
Aye.
Mister Gormick.
Aye.
Miss Warren.
No.
Mister Reed.
No by proxy.
Mister Warner.
No by proxy.
Mister Van Hollen.
No by proxy.
Miss Cortez Masto.
No by proxy.
Miss Smith.
No.
Mister Warnock.
No by proxy.
Mister Kim.
No by proxy.
Mister Gallego.
No.
Miss Blount Rochester.
No by proxy.
Miss also Brooks.
No by proxy.
Mister Chairman, I have thirteen ayes and eleven nays.
The ayes have it, the nominations hereby order to be reported favorably to the full Senate next We will vote on the nomination of Miss Abby Warren to be the Assistant Secretary of the Department of Commerce. The Clerk will call the roll.
The Chairman?
Aye.
Mister Crapo?
Aye.
Mister Rounds?
Aye.
Mister Tillis?
Aye.
Mister Kennedy?
Aye.
Mister Hagerty?
Airdees, aye.
Miss Lummis?
Aye.
Misses Britt?
Aye.
Mister Ricketts?
Aye.
Mister Banks?
Aye.
Mister Kramer.
Aye.
Mister Moreno.
Aye.
Mister McCormick. Miss Warren.
No.
Mister Reed.
No, by proxy.
Mister Warner.
No, by proxy.
Mister Van Hollen.
No, by proxy.
Miss Cortez Masto.
No, by proxy.
Miss Smith.
Allen.
Mister Warnock.
No, by proxy.
Mister Kim.
No, by proxy.
Mister Geigo.
No.
Miss Blount-Watchester.
No, by proxy.
Miss Alsabrooks.
No, by proxy.
Mister Chairman, I have thirteen ayes and eleven nays.
The ayes have it, the nomination is hereby ordered to be reported favorably to the full Senate. We will now vote on the nomination of Mister Irving Dennis to be the CFO at the Department of HUD the clerk will call the roll.
The Chairman?
Aye.
Mister Crapo.
Aye.
Mister Rounds.
Aye.
Mister Tillis.
Aye.
Mister Kennedy.
Aye.
Mister Hagerty.
Hagerty's aye.
Miss Lummis.
Aye.
Misses Britt.
Aye.
Mister Ricketts.
Aye.
Mister Banks.
Aye.
Mister Kramer.
Aye.
Mister Moreno.
Aye.
Mister McCormick.
Aye.
Miss Warren.
No.
Mister Reed.
No by proxy.
Mister Warner.
No by proxy.
Mister Van Hollen.
No by proxy.
Miss Cortez Masto.
No by proxy.
Miss Smith.
No.
Mister Warnock.
No by proxy.
Mister Kim.
No by proxy.
Mister Gallego.
No.
Miss Blount Rochester.
No by proxy.
Miss Alselbrooks.
No by proxy.
Mister Chairman, I have thirteen ayes and eleven nays.
The ayes have it, the nominations hereby order to be reported favorably to the full Senate. Finally, we will will vote on the nomination of Mister Jeffrey Ledbetter the to be the Inspector General at the Department of HUD. Clerk will call the roll.
The Chairman.
Aye.
Mister Crapo.
Aye.
Mister Rounds.
Aye.
Mister Tillis.
Aye.
Mister Kennedy. Mister Hagerty.
Hagerty's aye.
Miss Lomas.
Aye.
Misses Brett.
Aye.
Mister Ricketts.
Aye.
Mister Banks.
Aye.
Mister Kramer.
Aye.
Mister Moreno.
Aye.
Mister McCormick.
Aye.
Miss Warren.
No.
Mister Reed.
No, by proxy.
Mister Warner.
No, by proxy.
Mister Van Hollen.
No, by proxy.
Miss Cortez Masto.
No, by proxy.
Miss Smith.
No.
Mister Warnock.
No by proxy.
Mister Kim.
No by proxy.
Mister Gallego.
No.
Miss Blount Rochester.
No by proxy.
Miss Altser-Brooks.
No by proxy.
Mister Chairman, I have thirteen ayes and eleven nays.
Yeah, as to have the nominations hereby ordered to be reported favorably to the full Senate, are there any members that would like to make a statement? Without any further statements, the executive session is now adjourned. Thank you.
Morning digest
Start every morning briefed on yesterday’s hearings
A free weekday email covering yesterday’s hearings and transcripts newly unlocked in the archive.
