Political Quotes

“I rise today in opposition to S. 1926. In July of 2012, after over 7 years of negotiations in the Congress, the Congress finally passed the Biggert-Waters Act, the first significant flood insurance reauthorization bill since the creation of the National Flood Insurance Program in 1968. One of the goals of the reform at that time was to ensure--yes, to ensure--that the 5.6 million flood insurance policyholders in this country could collect on their policies if they were ever to suffer a flood loss, something that cannot be guaranteed by the Flood Insurance Program that is currently $25 billion in debt. The program basically is bankrupt and only operating by the grace of the American taxpayer. Historically, the flood insurance premiums have not covered costs because the program was not designed to be actuarially sound. Essentially, it was flawed from the beginning when it was created in 1968. The National Flood Insurance Act of 1968 authorized subsidized rates to encourage participation in the Flood Insurance Program, especially for properties in high-risk locations. The Biggert-Waters legislation changed all this by requiring that the program be actuarially sound, that flood insurance rates reflect actual risk, and that the program eliminate its debt. The sponsors of the legislation before us now have said that the moment Biggert-Waters was signed into law by the President they began working to roll back the reforms.…”