In early September 2020, Representative Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee, was joined by stakeholders from the business community, including BCC members from the Independent Film & Television Alliance, Nareit, National Multifamily Housing Council, and the National Retail Federation, along with representatives from the insurance industry to emphasize the need for Congress to act quickly, and on a bi-partisan basis, to create a framework for insurance companies to offer business interruption insurance policies that cover future pandemics and government-mandated shutdowns.
The Federal backstop would make certain that these business interruption policies are both widely available and affordable for small businesses, and maintain marketplace stability.
Comments during the roundtable focused on Rep. Maloney’s legislative proposal, H.R. 7011, the Pandemic Risk Insurance Act of 2020 (PRIA), which she introduced in May 2020.
The following BCC members provided their perspectives during the conversation:
· Jean Prewitt, President and CEO, Independent Film & Television Alliance (IFTA)
· Steven A. Wechsler, President and CEO, Nareit
· Kevin Donnelly, Vice President for Government Affairs, National Multifamily Housing Council (NMHC)
· Leon Buck, Vice President for Government Relations, Banking and Financial Services, National Retail Federation
Video of the Sept. 10 roundtable discussion is available below:
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