    [Public Papers of the Presidents of the United States: George W. Bush (2002, Book II)]
    [November 19, 2002]
    [Pages 2095-2096]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Congressional Action on Terrorism Risk Insurance
    Legislation
    November 19, 2002

        I commend the House and Senate for passing terrorism insurance
    legislation. Terrorism insurance will help get America's hardhats back
    on the job, create new jobs for America's workers, and spur billions in
    new investment in construction projects all across the country. This
    bill comes at a critical time, as commercial construction is at a 6-year
    low.
        The legislation provides a Federal backstop for costs associated
    with acts of terrorism, ensures meaningful industry participation in any
    losses resulting from terrorist acts, fully consolidates lawsuits in a
    single Federal court, and provides fair and certain

    [[Page 2096]]

    resolution of claims. While I supported even stronger liability measures
    to strengthen our economy and believe that further reforms need to be
    pursued, this bill significantly improves the legal system to prevent
    abusive lawsuits.
        I look forward to signing this important legislation into law.