White House opposes extending terrorism insurance law News
White House opposes extending terrorism insurance law

[JURIST] The Bush administration indicated Thursday that it is against extending the current Terrorism Risk Insurance Act [PDF] when it expires at the end of the year, saying it was meant to be temporary. The law was enacted after 9/11 and offered government aid to insure against losses as a result of terrorist attacks, mainly for large construction projects. US Treasury Secretary John Snow [official profile] released a report [PDF] saying that an extension would "crowd out innovation" [press release] and hinder private development, while Senator Charles Schumer [official website], a supporter of the extension, criticized the report as being "slanted" [press release] and said it will be difficult for large projects to go forward without the insurance. The White House will, however, consider an extension if the act is amended to reflect higher deductibles and an increase in the size of the types of catastrophic events that would be covered. Insurers have joined with a coalition of businesses and industry members in saying that the Treasury report does not reflect the current terrorism insurance marketplace. AP has more.

THIS DAY @ LAW

Indian National Congress founded

The Indian National Congress (INC) was founded on December 28, 1885 in Bombay (now Mumbai), India. In subsequent decades, the so-called Congress Party would advocate for Indian independence from the UK, which was eventually achieved in 1947. The first Prime Minister of independent India, Jawaharlal Nehru, was elected as a member of the INC. Learn more about the history and founding of the Indian National Congress.

Congress recognized Pledge of Allegiance

On December 28, 1945, Congress officially recognized the Pledge of Allegiance and encouraged its recitation in schools. The Pledge was supposedly written in 1892 by Francis Bellamy, a Baptist minister, to celebrate the 400th anniversary of Columbus Day. The words “under God” were added by Congress in 1954. The revised version of the Pledge was the subject of litigation before the United States Supreme Court originally brought by Michael Newdow, a parent who unsuccessfully objected to his daughter's school district policy requiring daily recitation of the Pledge. The court ruled that Newdow had no standing.

Nepal ends monarchy, establishes republic

On December 28, 2007, the Kingdom of Nepal's interim parliament ended the country's monarchy and established the Republic of Nepal. Free elections were held on April 10 of the following year to elect a Constituent Assembly.

Learn more about the rise of democracy in Nepal.