[Weekly Compilation of Presidential Documents Volume 38, Number 48 (Monday, December 2, 2002)]
[Pages 2096-2097]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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 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 Iron Workers 
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 Iron Workers 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.

[[Page 2097]]

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 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-in-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.