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For Immediate Release
November
25,, 2002 |
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SHAYS' STATEMENT ON H.R. 3210, THE TERRORISM
RISK PROTECTION ACT, NOVEMBER 14, 2002
Washington, DC -- Yesterday, the House passed by voice vote
important legislation to ensure the continued availability of
insurance for terrorism-related risks. Rep. Christopher Shays
(R-CT) was an original cosponsor of the bill and a member of
the Conference Committee that drafted the final bipartisan
agreement. The Senate is expected to approve the bill next
week.
A copy of Shays' statement on the bill during debate on the
House floor follows:
"Mr. Speaker, following the terrorist attacks of September
11th, the Financial Services Committee moved quickly to study
the lack of availability of terrorism insurance. Under the
leadership of Chairman Oxley and Chairman Baker, we held
hearings, met with financial experts, and ultimately passed
legislation to create a federal insurance backstop to cover
losses in the event of future terrorist attacks.
The legislation we are considering today is consistent with
the bill passed by the House last November. Like its
predecessor, it addresses the availability and affordability
of terrorism insurance while protecting taxpayers and
policyholders. It gives insurance companies the assistance
they sought without giving them a blank check.
Mr. Speaker, the economy may be growing, but it sure
doesn't feel that way. This bill is truly one of the keys to
getting our economy back on track, spurring development and
creating jobs.
I urge all of my colleagues to approve this measure and
send it to the President."
Link to full text of H.R. 3210, the Terrorism
Risk Protection Act. (PDF)
Contact: Betsy
Hawkings, 202/225-5541
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