The last comment that I want to make is that the housing industry itself has been a stalwart through all the problems that we have had.

You have heard some of the criticisms of your proposed changes. A lot of people think this is big versus little.

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 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.

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

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

That is a debatable question in your proposal.

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