Political Quotes

“I don't think anyone in this Congress is more sincere on cutting government spending than Mr. Flake. I believe he comes here with pure motivation. I would simply say this to him and my colleagues: this is an issue that we carefully considered. It was first proposed as a result of Katrina and the losses there. As he said correctly, this program is $16 billion in the red. After Katrina, the Federal Government through FEMA, SBA and others, paid out several billion dollars not on the flood insurance program but paid out an estimated $6 billion or $7 billion to businesses because of their losses from business interruption and temporary shelter and living expenses. In 2006, really as a result of that, the subcommittee chairman, Richard Baker, held hearings and determined that business interruption and cost-of-living coverage should be included. It has passed the House, but we have actually since then never passed a flood insurance reform bill. As all of us know, and I think all of us agree, the legislation before us today has already been scored as a $4.2 billion savings. The reason that it saves money, the reason that it takes a program that is costing taxpayers money every day is because it requires a risk-based premium. Now, beyond that, it also requires reinsurance if the risk- based premium proves insufficient. So it has a cushion. It also says that if private insurers will offer this plan, then the government will not.…”