I am very pleased to share with you that this week, we reached a historic agreement here in New York--the largest in regulatory history, and one that one that will allow us to finally start making progress on the rebuilding of lower Manhattan.

With assistance from many New York officials, Silverstein Properties and the Port Authority reached a $2 billion settlement with seven insurance companies, resolving all outstanding insurance claims arising from the destruction of the World Trade Center on September 11.  As a result, Silverstein Properties and the Port Authority will now be able to fast-track the redevelopment of the World Trade Center site and the creation of the 9/11 memorial, a project that everyone has agreed is necessary to revitalize lower Manhattan and return New York to its place as the leader in global commerce.

I am proud of how New York's leaders came together to make this settlement possible.   The collaboration between Mr. Silverstein, the officials at the Port Authority, and the leaders of the seven insurance companies shows their commitment to putting the best interests of New York first, and getting the Ground Zero project back on track.  From our senators and congressional representatives in Washington, to those serving in the state senate and assembly, to Mayor Bloomberg and the members of the city council--this truly was a bipartisan effort, and one that shows a smart, productive collaboration between government and industry.  Now, we can truly move forward and begin the rebuilding of lower Manhattan--something that all New Yorkers have been eagerly anticipating for the past six years.

Together, we will shape the Manhattan of the future, and ensure New York City's status as the greatest city in the world.