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For Immediate Release
Office of the Press Secretary
November 19, 2002
President Commends Congress for Passing Terrorism Insurance Bill
Statement by the President
I commend the House and Senate for passing terrorism insurance legislation. Terrorism insurance will help get America's hard hats back on the job, create new jobs for America's workers, and spur billions in new investment in construction projects all across the country. This bill comes at a critical time, as commercial construction is at a six-year low.
The legislation provides a Federal backstop for costs associated with acts of terrorism, ensures meaningful industry participation in any losses resulting from terrorist acts, fully consolidates lawsuits in a single Federal court, and provides fair and certain resolution of claims. While I supported even stronger liability measures to strengthen our economy and believe that further reforms need to be pursued, this bill significantly improves the legal system to prevent abusive lawsuits.
I look forward to signing this important legislation into law.