[Weekly Compilation of Presidential Documents Volume 38, Number 47 (Monday, November 25, 2002)]
[Pages 2058-2059]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Congressional Action on Terrorism 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 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.

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