Political Quotes

“I thank my chairman. Mr. Speaker, I rise in strong support of this bill sponsored by my friend, Representative Sean Duffy. He has worked tirelessly in crafting a solution here, along with Representative Luetkemeyer, Representative Ross, and our full committee chairman, Mr. Hensarling. While the National Flood Insurance Program provides needed insurance coverage, it has numerous problems as currently constructed, and the 21st Century Flood Reform Act seeks to implement much-needed reforms in this program. In addition to reauthorizing the flood program for 5 years, this bill provides increased transparency to the public, provides more information to people living in harm's way about past damages and the risk of flooding, ensures mapping is timely and accurate, ties rates to risk, gives consumers greater choice in flood insurance options, and incentivizes mitigation and risk reduction. Currently, in Arkansas, we have one private insurer that offers flood insurance. A second underwriter is near approval by our Insurance Commissioner Allen Kerr. The benefits to the consumer through private insurance are significant, as noted by the Milliman study. For example, one private insurer in Arkansas covers up to $2 million in coverage per occurrence, Mr. Speaker, as opposed to the NFIP, which limits coverage to $250,000, across all rating categories at premiums substantially below the NFIP.…”