[Congressional Record Volume 148, Number 74 (Friday, June 7, 2002)]
[Senate]
[Page S5258]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  MEASURE READ THE FIRST TIME--S. 2600

  Mr. REID. Mr. President, S. 2600, introduced today by Senator Dodd 
and others is at the desk. I ask for its first reading.
  The PRESIDING OFFICER. The clerk will read the bill by title for the 
first time.
  The senior assistant bill clerk read as follows:

       A bill (S. 2600) to ensure the continued financial capacity 
     of insurers to provide coverage for risks from terrorism.

  Mr. REID. Mr. President, I now ask for its second reading, but I 
object to my own request on behalf of the Republicans.
  The PRESIDING OFFICER. Objection having been heard, the bill will 
receive its second reading on the next legislative day.
  Mr. REID. Mr. President, this effort to move this legislation forward 
has been going on since December. We have tried on many occasions to 
get the minority to agree on coming forward and agreeing to a unanimous 
consent request so that we can move forward in this body to pass 
terrorism insurance. We have been unable to do that. We have tried in 
many different ways to do that. We have had the basic bill with two, 
three, five amendments. We have been very willing to work with them in 
any way to move this forward.
  The real estate industry, the insurance industry, and builders all 
over the country are desperate for this insurance. After September 11, 
many businesses all over the country have been unable to go forward 
with construction projects. So I hope this rule 14 on which we have 
just moved will allow us to have this legislation brought before the 
Senate, and we believe we have agreed to come forward with a bill. Some 
believe there should be tort reform. We have agreed in the underlying 
legislation that we would agree there should not be punitive damages 
for the money the Government puts forward. We have agreed to that. A 
lot of our constituents don't like that. We have consented to that.
  If people believe more should be done, let them offer an amendment. 
We can agree to a time agreement or not, but this legislation is very 
important to the economic viability and vitality of this country. I 
hope this effort will not be thwarted. This legislation has been pushed 
by Senators Dodd, Sarbanes, and Schumer, and it will go forward.

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