This is a stunning case, knowing that the SEC has changed hands and things, that they would not jump down this after the Madoff--Bernie--after his case hit the papers.

if the Congress does it that way, you are absolutely correct that this program will fall into an abyss and never pay for itself, and the Government will be on the hook for more than the 18 plus billion dollars it presently is.

You need a change in the law then.

It is approximately $8 billion. We drink more than that in a week up here.

But the SEC for 13 years has sat on their hands. So if you do not get the Justice Department involved in this, shame on you as the Inspector General.

No, no, no. Why is it your decision to report to the SEC and not to the public which you have an obligation to do?

I mean, that to me is criminal negligence, and the sooner they get him before a U.S. court, the better I will like it.

One of my proudest accomplishments in the U.S. Senate was authorizing the 2004 law that reauthorized the National Flood Insurance Program.

How would you grade the bill the Senate passed in the last Congress and the bill that recently passed the House in terms of improving the relationships between the premium property owners pay and their actual risk?

FEMA needs to do a little recalculating.

Then why do you submit your reports to the SEC so they can redact anything, to prevent the public and our Committee from knowing exactly what you said in the report?

You have the authority to issue your reports as you see fit.