FROM THE OFFICE OF PUBLIC AFFAIRS

Secretary Paul O'Neill made the following statement on the terrorism risk insurance proposal announced today by Senators Sarbanes, Gramm, Dodd and Enzi:

I applaud Senators Sarbanes, Gramm, Dodd and Enzi on reaching agreement this afternoon to establish a temporary, limited federal program for terrorism risk insurance coverage. This bill addresses a real and critical need to assure the continued availability and affordability of terrorism risk insurance. Acting now is crucial to help ensure financing of business and economic development can continue uninterrupted.

This bill is an excellent example of bipartisanship. I commend the sponsors for their prompt action in developing this balanced package. I look forward to working with them and others in securing enactment of terrorism risk insurance legislation within the next several weeks.