The Administration has a proposal that frankly gives me some heartburn.

The point Senator Schumer made I think is an excellent one.

One critical part of the economy the attacks have affected is the insurance industry.

If Congress does nothing, many of these policies will not be renewed, and many businesses and properties will not be able to purchase insurance.

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

I appreciate you being here and I agree with Senator Gramm that your opening statement was unusually clear.

Not so much to do this for the sake of the industry, but to do it for the sake of the economy of the country, which is hanging in the balance.

Even by that analysis, it is a very substantial amount.

That does not make sense to me.

We need a long-term solution that is not just completely dependent on the marketplace making a decision.

I think that is the point, when we talk about how healthy the industry is with regard to surplus.

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.

I wonder if you have done any economic analysis if we do not act with regard to this.

I do not think that the insurance companies are going to develop a book that allows them to be able to do that in that timeframe...

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.