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.
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