Political Quotes

“Today I join with Senators Gramm, Bunning, and Bennett in introducing legislation that provides a temporary public-private partnership for terrorism insurance in the wake of the September 11 attacks. This bill provides a joint partnership between insurance companies and the Federal Government for the next 3 years in cases of terrorist attacks. September 11 has proven to be the most expensive disaster to ever take place on American soil. With cost estimates ranging from $40 to $60 billion, the attacks have drained the capital reserves of some of the largest insurance companies in the world. In addition, as we know all too well, the risk for future attacks is very high. In the absence of this legislation, the insurance industry would be unable to pay the potentially extraordinary costs, and the Federal Government would likely be responsible for the entire costs. This is preemptive legislation. I believe this legislation strikes the right balance between what the responsibilities should be between the insurance industry and the Federal Government.”