April 23, 2013 – Today’s announcement that Sen. Max Baucus (D-MT) will NOT be seeking a seventh term is indeed a “mixed emotions” news item for the structured settlements community.

While we all wish our industry’s long time friend the absolute best life has to offer as he retires to the magnificent Big Sky country he calls home, his departure leaves a void that will be deeply felt.

“Our industry will miss you, Mr. Chairman.”

As Chairman of the powerful Senate Finance Committee, Sen. Baucus has continued to fight for the rights of accident victims.

He was an original sponsor of the tax rules that Congress enacted in 1982 which paved the way for more widespread use of the then-still evolving claims negotiation, resolution and settlement technique known as “structured settlements.”

It is because of Sen. Baucus’ ongoing commitment to the long-term well-being of those who are anticipating settlements for personal, physical injury claims that these laws exist today.

In addition to the original tax laws, Sen. Baucus was always at the forefront of other important pieces of structured settlement-related legislation.  Among those to make their way into the law of the land were:

Taxpayer Relief Act of 1997

Victims of Terrorism Tax Relief Act of 2001

It might be fitting to someday create a Mt. Rushmore-like sculpture to honor those dedicated Americans who made structured settlements possible.  If and when that day comes, surely the mountain will be in Montana and Sen. Max Baucus its most prominent figure.

Until then, I feel comfortable in speaking for the entire structured settlements community in saying,

“Thank you, Sen. Baucus, for more than thirty years of dedicated service to the structured settlements industry.  We appreciate everything you’ve done for so many.”

You will be missed.

But never forgotten.