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There is a real and immediate need for Congress to act on terrorism insurance legislation. The terrorist attacks on September 11 have caused many insurance companies to limit or drop terrorist risk coverage from their property and casualty coverage - a move that leaves the majority of American businesses extremely vulnerable. This dynamic in turn threatens American jobs and will wreak havoc on the entire economy in the case of future attacks.
I join the President in continuing to urge Congress to take the necessary steps to address this issue. We cannot stand by as the lack of terrorism risk insurance becomes a significant drain on the American economy. A fundamental necessity for a strong economy is confidence. The lack of confidence lingers in some parts of our economy because of a lack of terrorism risk insurance.
Attached is a list of examples of companies and organizations facing terrorism insurance difficulties.