H. No. 881 by USBills

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									                                         September 19, 2007                                CONGRESSIONAL RECORD — HOUSE                                                                      H10547
                                         stabilizing the terrorism insurance market-             the entire economy of the U.S. on a                      The question was taken; and the
                                         place, TRIA provides the necessary direct               one-half percent deductible and giving                 Chairman announced that the noes ap-
                                         federal insurance assistance to state and               over our independence to the terrorists                peared to have it.
                                         local governments in the case of terrorist
                                                                                                 based on this one-half percent, when                     Mr. PEARCE. Mr. Chairman, I de-
                                         acts.
                                           The Act would extend the Terrorism Insur-             the truth is the last 6 years showed us                mand a recorded vote.
                                         ance Program for a sufficient time period to            that the industry will sustain 2.5 per-                  The CHAIRMAN. Pursuant to clause
                                         assure local governments that adequate and              cent increases and continue to build                   6 of rule XVIII, further proceedings on
                                         affordable insurance against losses caused by           exactly where they want to build, and                  the amendment offered by the gen-
                                         terrorism is readily available in the market-           in fact the industry will sustain on its               tleman from New Mexico will be post-
                                         place. The legislation also extends coverage            own at least up to 20 percent. If we are               poned.
                                         to domestic acts of terrorism, which will add           estimating something above that, that                          ANNOUNCEMENT BY THE CHAIRMAN
                                         an additional level of protection against               would be unchartered territory. But I
                                         losses to America’s cities and towns.                                                                            The CHAIRMAN. Pursuant to clause
                                                                                                 do find the arguments somewhat stun-
                                           For these reasons, NLC supports H.R. 2761.                                                                   6 of rule XVIII, proceedings will now
                                         We thank you for your leadership on this im-            ning.
                                                                                                                                                        resume on those amendments on which
                                         portant legislation and look forward to                    I reserve the balance of my time.
                                                                                                    Mr. ACKERMAN. Mr. Chairman, we                      further proceedings were postponed, in
                                         working with you to ensure its passage.                                                                        the following order:
                                               Sincerely yours,                                  have no further speakers. I would just
                                                               DONALD J. BORUT,                  urge all of our colleagues to join with                  Amendment No. 1 printed in part B
                                                                   Executive Director.           the former chairman of the Republican                  by Mr. FRANK of Massachusetts;
                                           Mr. PEARCE. Mr. Chairman, I yield                     National Committee and Mr. FRANK                         Amendment No. 2 printed in part B
                                         30 seconds to the gentleman from Ala-                   and myself and oppose this amendment                   by Mr. PEARCE of New Mexico.
                                         bama (Mr. BACHUS).                                      before the House.                                        The Chair will reduce to 5 minutes
                                           Mr. BACHUS. Mr. Chairman, I want                         Mr. Chairman, I yield back the bal-                 the time for the second electronic vote
                                         to thank the chairman of the full com-                  ance of my time.                                       in this series.
                                         mittee for reading that list of those                      Mr. PEARCE. Mr. Chairman, I have                     AMENDMENT NO. 1 OFFERED BY MR. FRANK OF
                                         that endorsed it. You will notice that                  no other speakers and would just urge                              MASSACHUSETTS

                                         some of the absences were the Con-                      Members to support the amendment so                      The CHAIRMAN. The unfinished
                                         sumer Federation of America, which                      that we can convert this public pro-                   business is the demand for a recorded
                                         said that this bill was not good for con-               gram back into a private program over                  vote on the amendment offered by the
                                         sumers, i.e. taxpayers. The National                    a long course of time.                                 gentleman from Massachusetts (Mr.
                                         Taxpayers      Association     obviously                   Mrs. MALONEY of New York. Mr. Chair-                FRANK) on which further proceedings
                                         wasn’t on that list, because it is a                    man, I rise in strong opposition to this amend-        were postponed and on which the ayes
                                         great deal for the insurance companies,                 ment. This amendment effectively guts a pro-           prevailed by voice vote.
                                         and we all acknowledge that. It merely                  vision of this bill which is essential for the re-       The Clerk will redesignate the
                                         subsidizes them at the expense of tax-                  covery of localities that are the subject of ter-      amendment.
                                         payers. The one name missing is tax-                    rorist attacks.                                          The Clerk redesignated the amend-
                                                                                                    As we know in New York, insurance compa-            ment.
                                         payers. They will pay for this legisla-
                                                                                                 nies are reluctant to write coverage at all for
                                         tion.                                                                                                                            RECORDED VOTE
                                                                                                 sites of terrorist attacks because they find the
                                           Mr. ACKERMAN. Mr. Chairman, I                                                                                  The CHAIRMAN. A recorded vote has
                                                                                                 risk of another attack too high given the de-
                                         further yield to the gentleman from                                                                            been demanded.
                                                                                                 ductible under TRIA. Insurance companies
                                         Massachusetts (Mr. FRANK).                                                                                       A recorded vote was ordered.
                                           Mr. FRANK of Massachusetts. I                         aren’t willing to pay the higher deductible more
                                                                                                 than once, in other words, for any given site.           The vote was taken by electronic de-
                                         would say yes, the taxpayers do pay. It                                                                        vice, and there were—ayes 426, noes 1,
                                         is a matter of national defense. Where                  We in New York face this problem today as
                                                                                                 there is far less coverage available for lower         not voting 10, as follows:
                                         people are building and incurring risks,                                                                                         [Roll No. 881]
                                         they should pay for it themselves. I ac-                Manhattan than is required, but this problem
                                                                                                 will confront any locality that is the subject of                         AYES—426
                                         cept that point. We are talking about
                                         how we respond to Osama bin Laden or                    an attack.                                             Abercrombie       Boustany         Conyers
                                                                                                    The reset mechanism in the bill solves this         Ackerman          Boyd (FL)        Cooper
                                         other murderers who would attack this                                                                          Aderholt          Boyda (KS)       Costa
                                                                                                 problem by lowering the deductible for any lo-
                                         country.                                                                                                       Akin              Brady (PA)       Costello
                                                                                                 cality that has been the subject of a significant      Alexander         Brady (TX)       Courtney
                                           I think it is appropriate that the
                                                                                                 attack. It applies nationally and will greatly         Altmire           Braley (IA)      Cramer
                                         country as a whole respond, and not                                                                            Andrews           Broun (GA)       Crenshaw
                                                                                                 help with economic recovery by helping to pro-
                                         allow the terrorists to pick and choose                                                                        Arcuri            Brown (SC)       Crowley
                                                                                                 vide adequate terrorism insurance.                     Baca              Brown, Corrine   Cuellar
                                         which Americans will have to suffer                        We have worked on a bipartisan basis to             Bachmann          Brown-Waite,     Culberson
                                         disproportionately.                                     make sure this reset mechanism works for the           Bachus              Ginny          Cummings
                                           Mr. PEARCE. Mr. Chairman, I find                                                                             Baird             Buchanan         Davis (AL)
                                                                                                 whole Nation, for industry, for policy holders
                                         the comments very strange from the                                                                             Baker             Burgess          Davis (CA)
                                                                                                 and that it is fiscally responsible.                   Baldwin           Burton (IN)      Davis (IL)
                                         opponents of the amendment. They say                       This amendment guts the reset mechanism             Barrett (SC)      Butterfield      Davis (KY)
                                         that my amendment will stop rebuild-                    by mandating large and rapid increases in the          Barrow            Buyer            Davis, David
                                         ing and let Osama bin Laden tell us                     deductible once it resets to a lower number            Bartlett (MD)     Calvert          Davis, Lincoln
                                         where to rebuild.                                                                                              Barton (TX)       Camp (MI)        Davis, Tom
                                                                                                 after a large terrorist attack.                        Bean              Campbell (CA)    Deal (GA)
                                           Currently the rate of insurance de-                      Under this amendment, the reset deductible          Becerra           Cannon           DeFazio
                                         ductible is at 20 percent. The rebuild-                 could rise in a short time to as high as 19 per-       Berkley           Cantor           DeGette
                                         ing is going on quite well, frankly, and                cent, which is almost the same as the original         Berman            Capito           Delahunt
                                         they have sustained 2.5 percent in-                                                                            Berry             Capps            DeLauro
                                                                                                 deductible of 20 percent. This defeats the pur-        Biggert           Capuano          Dent
                                         creases through the past 6 years. What                  pose of the reset mechanism, which we                  Bilbray           Cardoza          Diaz-Balart, L.
                                         we are simply saying is we are going to                 worked so hard to craft as a balanced and ef-          Bilirakis         Carnahan         Diaz-Balart, M.
                                         start at 5 percent and increase 1 per-                  fective tool.
                                                                                                                                                        Bishop (GA)       Carson           Dicks
                                                                                                                                                        Bishop (NY)       Carter           Dingell
                                         cent a year over 15 years back up to                       A TRIA bill that does not consider the spe-         Bishop (UT)       Castor           Doggett
                                         the 20 percent level. Yet we are being                  cial problems of sites recovering from an at-          Blackburn         Chabot           Donnelly
                                         told that regardless of what is being                   tack is not an effective or well designed plan.        Blumenauer        Chandler         Doolittle
                                         built now, something is going to                                                                               Blunt             Christensen      Doyle
                                                                                                    I urge my colleagues to reject this mis-            Boehner           Clarke           Drake
                                         change in the equation and the people                   guided amendment.
bajohnson on PRODPC68 with HOUSE




                                                                                                                                                        Bonner            Clay             Dreier
                                         are going to stop rebuilding if we go up                   Mr. PEARCE. Mr. Chairman, I yield                   Bono              Cleaver          Duncan
                                         and go to this one-half percent in-                     back the balance of my time.                           Boozman           Clyburn          Edwards
                                                                                                    The CHAIRMAN. The question is on                    Bordallo          Coble            Ehlers
                                         crease.                                                                                                        Boren             Cohen            Ellison
                                           I find it heartening to know that we                  the amendment offered by the gen-                      Boswell           Cole (OK)        Ellsworth
                                         are within a half percent of stopping                   tleman from New Mexico (Mr. PEARCE).                   Boucher           Conaway          Emanuel




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