CONTACTS: Linda Rozett/Eric
Wohlschlegel (202)463-5682/888-249-NEWS
Monday, April 8, 2002
U.S. Chamber Joins Bush Call for Senate Action on
Terrorism Insurance
WASHINGTON, D.C. -- The
United States Chamber of Commerce today joined President Bush in his
call for Senate action on terrorism insurance to guarantee that
American businesses have the coverage they need to sustain their
operations and protect jobs and our
economy.
“The Senate must act quickly to provide businesses with an
insurance backstop to keep our economy growing,” said Bruce Josten,
U.S. Chamber executive vice president. “Failure to act now
could cause lenders to refuse credit, sabotaging many real estate
transactions, development projects and American jobs.”
A significant and growing number of facilities are being forced
to operate without terrorism coverage, leaving business owners,
employees, and their families economically vulnerable in the event
of a terrorist attack. Others are now forced to pay
astronomical prices for coverage, tying up otherwise productive
capital that could be used for job creation and growth.
Since September 11, the Chamber has lobbied aggressively in
support of terrorism insurance legislation with modest liability
protections. The Chamber has also sent action alerts to its
grassroots network of nearly 4,000 association and state and local
chamber members and more than 45,000 activists across the country,
urging them to call or write their Senators.
The U.S. House passed the Terrorism Risk Protection Act (H.R.
3210) last November, which protects the availability of terrorism
insurance coverage for millions of American businesses and limits
lawsuits that seek to blame businesses for terrorist acts.
“The economic impact of terrorist acts should be minimized
” added Josten. “Without congressional action, our economy is
highly at risk from any future
attacks.”
The U.S. Chamber of Commerce is the world’s largest business
federation, representing more than three million businesses of every
size, sector and region.
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