No Backstop Need, Say Consumer Groups
NU Online News Service, April 8, 4:15 p.m. EST?While insurers were busy polishing words of praise for President George W. Bush's expected effort to push a federal backstop for terrorism losses, two consumer groups weighed in with opposition to the idea.
The Consumer Federation of America and Consumers Union, shortly before the President was due to speak out on the topic, called on him to drop his support for legislation that would "give away insurance in the event of future terrorism attacks." They urged the President to spur the creation of private alternatives to "the over-priced insurance of today's market."
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