Homeland Security

DATE=11/26/02

TYPE=CORRESPONDENT REPORT

TITLE=BUSH / TERRORISM INSURANCE (L ONLY)

NUMBER=2-296855

BYLINE=PAULA WOLFSON

DATELINE=WHITE HOUSE

CONTENT=

VOICED AT:

INTRO: For the second time in two days, President Bush has signed important legislation linked to the war on terrorism. V-O-A's Paula Wolfson reports the latest bill to become law deals with the economic impact of the terrorist threat.

TEXT: One of the lasting impacts of last year's terrorist attacks on the World Trade Center and the Pentagon has been a slump in building construction in the United States.

The problem is insurance. Lenders now want terrorism insurance before they will back a project. And that insurance has become extremely expensive.

The result has been a decline in new construction and fewer jobs for carpenters, electricians, and others whose livelihood depends on those projects.

The bill signed by the president is designed to tackle the problem. Under a complex formula, the government will step in to help meet the costs to insurers should a catastrophic attack occur.

///BUSH ACT///

With this new law, builders and investors can begin construction in real estate projects that have been stalled for too long and get our hard hats (construction workers) back to work.

///END ACT///

A group of labor union leaders joined him on the podium for the signing ceremony, along with members of Congress. Mr. Bush talked about the economic losses brought on by the September 11th attacks and the construction plans put on hold.

///BUSH ACT///

By helping to ensure that terrorism insurance is affordable and available, the Terrorism Risk Insurance Act will allow many construction projects to move forward and to help this economy grow.

///END ACT///

Mr. Bush signed the terrorism insurance bill less than 24 hours after he put his pen to legislation creating a new federal Department of Homeland Security. He said there is a link between the two.

///BUSH ACT///

///OPT/// Yesterday, I signed into law the new Department of Homeland Security to organize our government for the long term challenge of protecting America. Today, with terrorism insurance we are defending America by making our economy more secure. ///END OPT/// Both these achievements show the unity of our nation at a time of testing and our resolve to lead America to a better day.

///END ACT///

The new Department of Homeland Security will absorb almost two dozen agencies with almost 170-thousand employees. It is the largest federal government reorganization since 1947, when the Department of Defense was created. (signed)

NEB/PW/RH