John Campbell: “I opposed both the earlier versions of this bill, of the TRIA bill, but I support this one. This bill is shorter in…”

“I opposed both the earlier versions of this bill, of the TRIA bill, but I support this one. This bill is shorter in duration, and it requires more participation by the private sector. Effectively, in the bill the Federal Government is a backstop, a reinsurer facilitating and allowing a private market in terrorism risk insurance. Now, some that we have heard today say that in this bill the Federal Government doesn't do enough. I disagree. I think it is the goal of this bill, and the goal of this act should be, to facilitate a private market, not to stand in for or subsidize either insurance companies or property owners. Then there are others who say the Federal Government shouldn't be involved at all in this issue. Again, I disagree. The Federal Government is involved. Does anybody really believe that if there were another terrorist attack on the United States that the Federal Government would not step in to help? Of course they would. The Federal Government always steps in when disasters are too big for State or local governments to handle. And there are similarly casualty events that are too big for the private sector to insure without Federal involvement. Terrorism is one of them. The best alternative is not to have the government sail in later to facilitate a private market so that property owners and people can insure up front and know where they will be at a minimum if there is a terrorist act.”