[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.