CONTACTS: Linda Rozett/Eric Wohlschlegel
(202)463-5682/888-249-NEWS
Thursday, November 14, 2002
U.S. Chamber Welcomes Action on Terrorism Insurance--Compromise Means Billions to Flagging Economy
WASHINGTON, D.C. – The United States Chamber of Commerce today congratulated lawmakers for their work on a terrorism insurance bill that will help restore billions of dollars to the flagging U.S. economy from stalled construction projects.
“Lawmakers put politics aside for the good of the economy and the good of the American public,” said Thomas Donohue, Chamber President and CEO. “Fears of future terrorist attacks – and future lawsuits – have created a drag on the economy that has finally been lifted.”
A significant and growing number of facilities have been forced to operate without terrorism coverage, leaving business owners, employees and their families economically vulnerable, according to the Chamber. Others are now forced to pay astronomical prices for coverage, tying up otherwise productive capital that could be used for job creation and growth.
The legislation would move all cases to the federal court system, which will prevent venue shopping by class action attorneys and will help prevent the outrageous jury awards common to the state tort system.
“We would have preferred stronger litigation management provisions, which would have prevented trial lawyers from going after business owners who are victimized by terrorist attacks,” said Donohue.
The Chamber lobbied aggressively in support of terrorism insurance legislation with modest liability protections--sending action alerts to its grassroots network of nearly 4,000 association and state and local chamber members and more than 45,000 activists across the country, urging them to call or write Congress.
The U.S. Chamber of Commerce is the world’s largest business federation representing more than three million businesses and organizations of every size, sector and region.
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