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Lamar S.
Republican TX 21

About Rep. Lamar
  • Space Launch Liability Indemnification Extension Act

    by Representative Lamar Smith

    Posted on 2014-01-15

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    Read More about Space Launch Liability Indemnification Extension Act

    SMITH of Texas. Madam Speaker, I thank the chairman of the committee for yielding me this time.

    For more than 20 years, the American commercial space industry has benefited from the assurance of the U.S. Government through Federal Aviation Administration launch indemnification authority.

    Under this arrangement, commercial launch providers are required to purchase insurance up to the maximum probable loss. Beyond that, the government will cover up to $1.5 billion, plus inflation, and any amount above that is the responsibility of the original commercial launch provider.

    The 3-year extension of the risk-sharing system in the bill today will help the commercial space industry and our economy. For the next 3 years, space launch providers will have the stability and assurance they need to compete in the international market.

    Madam Speaker, I urge my colleagues to support this bill.

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