Political Quotes

“I will insert in the Record an article from the New York Times which summarizes a study done from 1977 to 1990 that says that one-third of $15 billion in loans went belly-up, and we had to eat it. The article referred to follows: [From the New York Times, Jan. 21, 1994] Earthquake Insurance Gains Support (By Michael Quint) Federal legislation that would require homeowners in California and other earthquake-prone areas to buy quake insurance--and thus reduce the taxpayer funds needed to help victims without insurance--is gathering support in the wake of the Southern California earthquake. A bill before Congress has been cosponsored by nearly 100 legislators, with more expected when Congress reconvenes later this month, according to Jack Weber, director of the Natural Disaster Coalition, a group backed by insurance companies, consumer groups and disaster specialists that supports the bill. And John Garamandi, California's insurance commissioner, this week endorsed the proposed Congressional legislation, joining the insurance commissioners from 17 other states who already support the approach. Hearings on the bill, scheduled for next week, may be delayed because of the earthquake in Los Angeles, but the sponsors of the bill say the interest in the legislation will increase.”