Daschle delays on
terrorism insurance 'deeply disappointing,' Baker says
Co-author of
terrorism insurance bill ‘disappointed, dismayed, really, and, frankly,
saddened’ by Senate inaction on issue, by leadership that has been ‘a
real disappointment to the American people’
Wednesday, December 12, 2001
WASHINGTON -- At a press conference today
with House Financial Services Committee chairman Mike Oxley, R-Oh., U.S.
Rep. Richard H. Baker, R-La., chairman of the subcommittee on Capital
Markets, Insurance, and Government-Sponsored Enterprises, issued the
following statement on the status of terrorism insurance legislation
co-authored by the two legislators and recently passed by the
House:
"While I have the utmost respect for
Senator Daschle and his strong support of President Bush’s impressive
stewardship of the war on terrorism, I am troubled by the Senate
Leader’s strange decision to neglect domestic economic issues. I was
also troubled and disappointed to discover Majority Leader Daschle’s
apparent unwillingness even to listen to the President’s request for
quick action to address the economic hardships facing so many
Americans.
"Specifically, I have found reports of Mr.
Daschle’s decision to delay Senate consideration of terrorism insurance
legislation deeply disappointing. With some 70 percent of terrorism
insurance policies up for renewal by December 31st and the
prospect that many people will see their coverage cancelled after that
date, I am disappointed, dismayed, really, and frankly, saddened by the
Senate’s inaction on this issue.
"What’s more, that Senate leadership would
allow the issue to become so partisan as to force gridlock all for the
sake of making sure trial lawyers have a license to file unlimited
lawsuits to punish fellow Americans after a terrorist attack is
lamentable, to say the least. Indeed, tying up legislation vital to the
stability of our nation’s economy for such a reason represents a real
disappointment to the American people.
"Certainly it’s possible that the economy
will still recover without the Senate being able to deliver, as the
House has, on passing economic stimulus, trade authority, and energy
legislation. Unfortunately we can’t even measure the level of economic
disruption and suffering that could result from widespread
unavailability of terrorism insurance. I tremble even to predict the
economic fallout in the shutdown of operations at airports, railways,
ports, power plants, office buildings, amusement parks, shopping malls,
and even sports arenas that cannot reasonably be expected to risk
bearing the potentially massive cost of unprotected losses of life and
property. Should the Senate Majority Leader choose to risk this possibly
disastrous outcome it would be rather unfortunate and very
disappointing.
"However, should the Senate finally take
action, I hope they will decide upon a federal backstop for terrorism
insurance rather than an industry bailout, because a bill that doesn’t
protect taxpayers by requiring payback of their hard-earned money would
be very, very disappointing."
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