Representatives Oxley and Kelly Release GAO Report Bolstering the Case for Terrorism Insurance Protection

February 27, 2002

Click Here to View GAO Report [pdf]

This afternoon House Financial Services Committee Chairman Michael G. Oxley (OH) and Oversight and Investigations Subcommittee Chairwoman Sue Kelly (NY) released a report researched by the General Accounting Office (GAO) on the subject of commercial terrorism insurance.  The report will be formally presented at a Subcommittee on Oversight and Investigations hearing tomorrow.

The report underscores the need for terrorism insurance protection in the wake of 9/11.  Particularly since January, commercial terrorism insurance has become less available, and many bank loans and expansion projects have been canceled or are no longer fully insured.

The House passed the Terrorism Risk Protection Act on November 29, 2001, but the Senate has taken no action.   H.R. 3210 would provide a federal backstop in the case of a future terrorist attack.  The legislation, now pending in the Senate, would authorize short-term federal loans while ensuring the money is paid back to the taxpayer. 

The hearing ? entitled ?How much are Americans at risk until Congress passes terrorism insurance protection?? ? is scheduled for 3 p.m. tomorrow in room 2128 of the Rayburn House Office Building   The text of the report is attached.

Source:House Financial Services Committee

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