Spencer Cox: “I particularly wish to thank the gentleman from Ohio (Chairman Oxley), the gentleman from Louisiana (Chairman Baker) and…”

“I particularly wish to thank the gentleman from Ohio (Chairman Oxley), the gentleman from Louisiana (Chairman Baker) and the gentleman from Wisconsin (Chairman Sensenbrenner) for putting together such an important bill for us to move quickly in response to the events of September 11. This legislation will ensure that victims are compensated after a terrorist loss if another terrorist attack or round of terrorist attacks should occur, quickly, fairly and fully. It will continue, we hope, the opportunity for people throughout our country to have insurance against terrorist risks by using the resources of the Federal Government, of the U.S. taxpayer, as a backstop. But the bill is carefully drafted so that it will not injure taxpayers in the process. It asks a great deal from the industry. Indeed, it asks the insurance industry to pay the money back, so that taxpayers will not be treated as if they are Osama bin Laden, as if they are culpable for the next round of terrorist attacks. The substitute, unfortunately, unravels these taxpayer protections.”