On the recordDecember 2, 2013
The bill we consider today provides stability for our Nation's commercial launch providers so that they can remain competitive in the international market. The bill extends the existing system, which requires commercial launch providers to purchase insurance up to the maximum probable loss. It then provides that the government will compensate up to $1.5 billion, plus inflation, and any amount above that is the responsibility of the original commercial launch provider. Two weeks ago, the Space Subcommittee heard testimony from industry experts about the need to extend the Commercial Space Launch Act's risk-sharing system. Two of the witnesses who testified deal with this law on a regular basis. Mr. Stuart Witt, president of the Mojave Air and Space Port, is developing new launch systems and technologies that could revolutionize space by making it more accessible. He told the subcommittee that this law allows companies to continue to innovate and grow. Another witness, Ms. Patricia Cooper, president of the Satellite Industry Association, represents companies that add billions of dollars to the U.S. economy as a result of the current risk-sharing system. Ms.…
