Political Quotes

“many of us are sympathetic to the insurance rate increases coastal catastrophe-prone areas have experienced recently, but there is no consensus that H.R. 3355 would offer any long-term help. Instead of granting long-term relief for middle-income coastal homeowners confronted with rising insurance costs, this bill would stick taxpayers wiith the tab of bailing out insolvent State insurance companies. In the past few years since some of the largest hurricanes on record tore through the gulf coast and coastal Florida, affected States have tried to protect their local markets, to limit rates increases, force coverage, or restrict market freedom. Competition is reduced and homeowners are left with fewer choices--State efforts to secure more coverage for their constituents have ironically resulted in less affordability. The Florida members on the minority side of the Financial Services Committee--Ginny Brown-Waite, Tom Feeney, and Adam Putnam--have been very attentive to the needs of their constituents and have constantly kept us updated on the problems there. We commend them for their service. Of the two primary titles, the first does nothing that States can't already do under current law. The second is nothing more creative then giving cheap federally-subsidized loans to State insurance companies that are driving out the private market. The Congressional Budget Office estimates that over the next 5 years, implementing this bill would cost $75 million.”