Heartland Institute: Campbell Earthquake Bill a Terrible Idea

Published October 7, 2011

Eli Lehrer, vice president for Washington, DC operations at The Heartland Institute and national director of its Center on Finance, Insurance, and Real Estate, harshly criticized Rep. John Campbell’s (R-CA) introduction of the House companion to the Senate’s Earthquake Insurance Affordability Act.

The Campbell bill (H.R. 3125), introduced October 6, would put all federal taxpayers on the hook for billions of dollars in potential future losses sustained by the California Earthquake Authority (CEA). Although not named specifically in the legislation, CEA is the only entity that qualifies for the federal bailouts (debt guarantees) the bill would require all taxpayers to provide. California’s two Democratic senators earlier this year introduced similar Senate legislation.

The following statement by Lehrer may be used for attribution:

“Rep. Campbell’s bill is among the very worst ideas introduced in the current Congress – and that’s saying a lot. It would cost taxpayers billions of dollars, displace a productive private industry, and do nothing to make California consumers safer. One really has to wonder what Rep. Campbell is thinking by forwarding such a terrible idea.”

For more comments, contact Lehrer at [email protected] or 202/615-0586.

The Heartland Institute is a 27-year-old national nonprofit organization with offices in Chicago, Illinois; Washington, DC; Austin, Texas; Tallahassee, Florida; and Columbus, Ohio. Its mission is to discover, develop, and promote free-market solutions to social and economic problems. For more information, visit its Web site or call 312/377-4000.