    [Public Papers of the Presidents of the United States: George W. Bush (2002, Book II)]
    [November 26, 2002]
    [Pages 2132-2134]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on Signing the Terrorism Risk Insurance Act of 2002
    November 26, 2002

        Thank you all. Please be seated. Thank you. Good morning, and
    welcome to the White House. Today we're taking action to strengthen
    America's economy, to build confidence with America's investors, and to
    create jobs for America's workers. The Terrorism Risk Insurance Act will
    provide coverage for catastrophic losses from potential terrorist
    attacks. Should terrorists strike America again, we have a system in
    place to address financial losses and get our economy back on its feet
    as quickly as possible. With this new law, builders and investors can
    begin construction in real estate projects that have been stalled for
    too long and get our hardhats back to work.
        I appreciate members of my Cabinet who are here who worked on this
    bill, Paul

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    O'Neill and Don Evans and Elaine Chao. Thank you all for
    coming.
        I appreciate the Members of Congress who are here, particularly
    those on the stage with me who worked hard to get the bill passed:
    Chairman Paul Sarbanes; Chris Dodd from Connecticut, who did a lot of work to get
    the bill done; Senator Harry Reid worked hard on
    this piece of legislation as well. I appreciate Chairman Mike
    Oxley from the House, who also worked,
    along with Senator Dodd, to get this important piece of legislation
    passed. Mike, thank you for your leadership on this issue. As well,
    we're joined by other key players from the House of Representatives, Sue
    Kelly, Chris Shays, John LaFalce, and Ken
    Bentsen. These Members of Congress put the
    interests of the country ahead of partisanship, and as a result of their
    hard work, I'm able to sign the bill today. I want to thank you for your
    leadership.
        I also want to thank the union leaders who are here today, people
    with whom we've worked hard to get this done, leaders who put the
    interest of their membership right on the line. Doug McCarron--appreciate your leadership, Doug. He's the
    general president of the United Brotherhood of Carpenters and Joiners.
    Frank Hanley is the general president of the
    International Union of Operating Engineers, is with us today. Joe Hunt
    is the general president of the Ironworkers
    International union; Ed Sullivan, who is
    the president of the Building and Construction Trades Department of the
    AF of L-CIO; Terry O'Sullivan, who is the
    general president of the Laborers International Union of North America.
        I appreciate the workers from the United Brotherhood of Carpenters
    and Joiners and Ironworkers and the Building and Construction Trade
    Department of the AFL-CIO, who are with us today representing thousands
    of people who are going to go back to work, thanks to this piece of
    legislation. Thanks for your leadership, and thanks for your presence.
        The attacks of September the 11th, 2001, devastated lives, leveled
    buildings, and seriously, seriously disrupted our economy. Businesses
    suffered. The stock market halted trading. Many insurance companies
    stopped covering builders and real estate owners against the risk of
    attack. Premiums skyrocketed; protections were diminished. Across
    America, hospitals and office buildings and malls and museums and
    construction jobs and many transportation companies have had difficulty
    finding terrorism insurance.
        More than $15 billion in real estate transactions have been canceled
    or put on hold because owners and investors could not obtain the
    insurance protection they need. Commercial construction is at a 6-year
    low, and thousands of hardhat workers have been kept off the job.
    Commercial mortgage-backed securities have seen their bond ratings
    lowered, hurting many Americans invested in the bond market, including
    teachers and police officers and firefighters, who have lost money in
    their pension plans.
        By helping to ensure that terrorism insurance is affordable and
    available, the Terrorism Risk Insurance Act will permit many
    construction projects to move forward and to help this economy grow.
    Billions of dollars in investments will be more secure. The Nation's
    hardhats will get back to work, being able to put food on the table for
    their families. Investors in markets will have greater confidence that
    our economy is strong enough to withstand a future attack, and that's
    important.
        This new law will also help the economy in the legal system by
    discouraging abusive lawsuits. Civil cases resulting from a terrorist
    attack will be combined in a single Federal court. Lawyers will be
    prevented from shopping for courts with a reputation for outrageous
    awards. Judgments and rulings will be more consistent.
        It's important for our taxpayers to understand that taxpayer dollars
    will not be used to pay punitive damages. I'm grateful to

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    the Members of Congress who put the interest of the workers and
    taxpayers ahead of lawyers. I look forward to working with the new
    Congress on stronger measures to prevent abusive lawsuits. And today I'm
    taking steps to ensure that no taxpayer dollar will be spent on legal
    settlements without the approval of the Secretary of the Treasury. The
    Secretary will work to ensure that settlements are fair to victims, not
    windfalls for the legal class of America.
        The act of Congress I sign today will encourage greater competition
    in the insurance market and add strength to our economy. But there's
    more to do. I'll work with Democrats and Republicans in the next
    Congress to pass a growth-and-jobs package early next year. My
    Administration is determined to make America safer, to make our economy
    stronger, and we're making progress on both fronts.
        America has entered a new kind of war, requiring aggressive action
    abroad and active defense at home. Yesterday I signed into law the new
    Department of Homeland Security, to organize our Government for the
    long-term challenge of protecting America. Today, with terrorism
    insurance, we're defending America by making our economy more secure.
    Both these achievements show the unity of our Nation in a time of
    testing and our resolve to lead America to a better day.
        I'm now pleased to sign the Terrorism Risk Insurance Act of 2002.

    Note: The President spoke at 9:30 a.m. in the East Room at the White
    House. H.R. 3210, approved November 26, was assigned Public Law No. 107-
    297. The Office of the Press Secretary also released a Spanish language
    transcript of these remarks.