I would like to thank you, Mr. Chairman, for holding this important hearing, and I would like to thank Secretary O'Neill and Chairman Hubbard for testifying today.

I am worried about the fact that if you have first-dollar coverage on a terrorism act, why should I as a reinsurer try to adjust to the market...

I believe there is a serious problem facing us that must be addressed by January 1.

I am troubled by this context because if we think that this program is necessary to deal with a short-run problem by the industry and its inability to price this risk...

I appreciate the thoughtfulness of your presentation, even though I might not totally agree on all aspects.

That is a debatable question in your proposal.

Mr. Secretary, I have real problems with the Federal Government guaranteeing profits for insurance and reinsurance companies.

this hideous act that happened on September 11, is a disaster for the economy.

I also would like to know if your intent with regard to the legal recommendations that you are making are designed only to fit to the bridge proposal you have here, or are they intended to be long-term recommendations with regard to…

Nobody is going to write a prospectus now without the question of terrorism being one of the risk characteristics that you have to address.

I intend to work with the whole Committee to see to it that we come up with a reasonable solution.

Well, that is a more sensitive and rational response to what I have been getting.

Let me just say this just as observation. I have not discussed this with my colleagues.

Now we want to get health insurance to unemployed people, but I do not think we want to do it at the expense of taking it away from children.

Today we continue our consideration of the question of terrorism insurance in light of the attacks of September 11.

I think the Administration needs to give some additional and careful thought to having a more balanced response to this challenge.

Do you see a problem connected with that?

We need to push back overreaching, if that is, in fact, occurring.