Dianne Feinstein: “my thoughts go out today to the people of Washington as they assess the damage and begin recovery from the earthquake…”

“my thoughts go out today to the people of Washington as they assess the damage and begin recovery from the earthquake there yesterday afternoon. Yesterday's event is a reminder that earthquakes are a national problem, and one that can strike at any time, without warning. It is in this light that I introduce, today, the Earthquake Loss Reduction Act of 2001. This bill provides incentives to encourage responsible state and local governments, individuals, and businesses to invest in damage prevention measures before an earthquake strikes. It is an ``ounce of prevention'' that will save the federal treasury, homeowners, businesses, and state and local governments the ``pound of cure'' for relief and recovery. The legislation builds on the excellent work of our nation's earth scientists and engineers by making implementation of loss reduction measure a federal priority. We know where earthquake hazards exist, which buildings and utility and transportation systems are most vulnerable, and what the consequences will be to public safety, community character, and our economy if an earthquake strikes. We also know how to reduce losses. Guidelines exist that provide rational, common sense approaches to upgrade weak facilities. The challenge as we enter the 21st century is to put this knowledge to work to reduce future losses, and improving the safety of Americans and the performance of privately and publicly owned buildings and facilities.”