President Bush today called on the Senate to vote on terrorism insurance legislation to protect American jobs and our economy from future terrorist attacks.
Last fall the House of Representatives passed legislation to ensure that another terrorist attack would not devastate our economy. Under this legislation, private insurance would pay for damages up to a certain amount, and the Federal government would guarantee against catastrophic losses.
This legislation would help create jobs, strengthen economic growth, reduce the impact of any future terrorist attack.
The Administration has worked in a bipartisan fashion with the Senate on this legislation but the full Senate has yet to take the measure up for a vote.
This legislation is important because right now hospitals, office buildings, malls, stadiums and museums – among many other facilities – are all having difficulty finding terrorism coverage. Without coverage the economic impact of another terrorist attack would be very serious. The U.S. could face a string of bankruptcies, loan defaults and layoffs that would intensify the blow of the attack.
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President George W. Bush meets with business and labor leader to discuss terrorism insurance in the Dwight D. Eisenhowser Executive Office Building Monday, April 8, 2002. ". . .we passed a bill in the House that basically put the federal government as a stopgap for terrorism insurance," said the President, outlining specific steps the government has taken to help the issue of insuring against possible attack. "Above a certain level of claim, the federal government would step in. And that's important. And now it's in the Senate, and the Senate needs to respond and act."
