For Immediate Release Office of the
Press Secretary November 26, 2002
President Signs Terrorism Insurance Act The
East Room
9:30 A.M. EST
THE PRESIDENT: Thank you all. Thank you. Good morning and welcome
to the White House. Today we're taking action to strengthen
America's economy, to build confidence with America's investors, and
to create jobs for America's workers. The Terrorism Risk Insurance
Act will provide coverage for catastrophic losses from potential
terrorist attacks. Should terrorists strike America again, we have a
system in place to address financial losses and get our economy back
on its feet as quickly as possible.
With this new law, builders and investors can begin construction
in real estate projects that have been stalled for too long, and get
our hard-hats back to work. (Applause.)
I appreciate members of my Cabinet who are here who worked on
this bill -- Paul O'Neill, and Don Evans and Elaine Chao. Thank you
all for coming.
I appreciate the members of
Congress who are here, particularly those on the stage with me who
worked hard to get the bill passed -- Chairman Paul Sarbanes, Chris
Dodd from Connecticut who did a lot of work to get the bill done.
(Applause.) Senator Harry Reid worked hard on this piece of
legislation, as well. I appreciate Chairman Mike Oxley from the
House who also worked, along with Senator Dodd, to get this
important piece of legislation passed. Mike, thank you for your
leadership on this issue. (Applause.)
As well, we're joined by other key players from the House of
Representatives, Sue Kelly, Chris Shays, John LaFalce, and Ken
Bentsen. These members of Congress put the interests of the country
ahead of partisanship, and as a result of their hard work I'm able
to sign the bill today. I want to thank you for your leadership.
(Applause.)
I also want to thank the union leaders who are here today, people
with whom we've worked hard to get this done; leaders who put the
interest of their membership right on the line -- Doug McCarron --
appreciate your leadership, Doug. He's the General President of the
United Brotherhood of Carpenters and Joiners. Frank Hanley is the
General President of the International Union of Operating Engineers,
is with us today. Joe Hunt is the General President of the Iron
Workers International Union. Ed Sullivan, who is the President of
the Building and Construction Trades Department of the AFL-CIO;
Terry O'Sullivan, who is the General President of the Laborers
International Union of North America.
I appreciate the workers from the United Brotherhood of
Carpenters and Joiners and Iron Workers, and the Building and
Construction Trade Department of the AFL-CIO, who are with us today
representing thousands of people who are going to go back to work
thanks to this piece of legislation. Thanks for your leadership, and
thanks for your presence. (Applause.)
The attacks of September the 11th, 2001, devastated lives,
leveled buildings and seriously, seriously disrupted our economy.
Businesses suffered. The stock market halted trading. Many insurance
companies stopped covering builders and real estate owners against
the risk of attack. Premiums skyrocketed. Protections were
diminished. Across America, hospitals and office buildings and malls
and museums and construction jobs and many transportation companies
have had difficulty finding terrorism insurance.
More than $15 billion in real estate transactions have been
canceled or put on hold because owners and investors could not
obtain the insurance protection they need. Commercial construction
is at a six-year low, and thousands of hard-hat workers have been
kept off the job. Commercial mortgage-backed securities have seen
their bond ratings lowered, hurting many Americans invested in the
bond market, including teachers and police officers and
firefighters, who have lost money in their pension plans.
By helping to ensure that terrorism insurance is affordable and
available, the Terrorism Risk Insurance Act will permit many
construction projects to move forward and to help this economy
grown. Billions of dollars in investments will be more secure. The
nation's hard-hats will get back to work, being able to put food on
the table for their families. Investors in markets will have greater
confidence that our economy is strong enough to withstand a future
attack. And that's important.
This new law will also help the economy in the legal system by
discouraging abusive lawsuits. Civil cases resulting from a
terrorist attack will be combined in a single federal court. Lawyers
will be prevented from shopping for courts with a reputation for
outrageous awards. Judgments and rulings will be more consistent.
It's important for our taxpayers to understand that taxpayer
dollars will not be used to pay punitive damages. I'm grateful to
the members of Congress who put the interest of the workers and
taxpayers ahead of lawyers. I look forward to working with the new
Congress on stronger measures to prevent abusive lawsuits. And today
I'm taking steps to ensure that no taxpayer dollar will be spent on
legal settlements without the approval of the Secretary of the
Treasury. The Secretary will work to ensure that settlements are
fair to victims, not windfalls for the legal class of America. The
act of Congress I sign today will encourage greater competition in
the insurance market and add strength to our economy.
But there's more to do. I'll work with Democrats and Republicans
in the next Congress to pass a growth-in-jobs package early next
year.
My administration is determined to make America safer, to make
our economy stronger. And we're making progress on both fronts.
America has entered a new kind of war, requiring aggressive action
abroad and active defense at home. Yesterday I signed into law the
new Department of Homeland Security, to organize our government for
the long-term challenge of protecting America. Today, with terrorism
insurance, we're defending America by making our economy more
secure. Both these achievements show the unity of our nation in a
time of testing, and our resolve to lead America to a better day.
I'm now pleased to sign the Terrorism Risk Insurance Act of 2002.
(Applause.)
(The bill is signed.) (Applause.)
END 9:42 A.M. EST
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