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FROM THE OFFICE OF PUBLIC AFFAIRS June 18, 2004 The Honorable John W. Snow Thank you so much for having me here today. It's great to be in Like most of the country, you are creating jobs and reducing unemployment here in Although your unemployment rate is considerably lower than the national average, The horror of September 11th was particularly hard on this state, and on your industry. I hope that the Terrorism Risk Insurance Act of 2002 helped We made the decision to extend the "make available" provision because we want to assure the continuation of the key elements of the re-insurance program. The key to success of this program is that people at high levels of risk – like hotel owners – can obtain terrorism insurance at an affordable cost. I believe that the terrorism re-insurance program was an important confidence-builder as we recovered from recession. The Treasury Department is currently evaluating the success of the program, and we want to make sure it continues to contain the same elements – such as the requirement to offer insurance – throughout the life of the program. That way, our final analysis of its efficacy will be based on consistent policy throughout the three-year period of the program. When we put the continuation of "make available" out for public comment, the response was overwhelming. And it was clear from the information that we received that yes, "make available" should be extended. I hope this is good news for you and your industry; I'm delighted to deliver it. Thank you so much for having me here today… I'd be happy to take your questions now. |
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