Political Quotes

“I thank the Chair. This amendment would strike additional flood-related coverage provided in the underlying bill for business interruption and cost-of- living expenses. Specifically, this amendment would prohibit FEMA from offering individuals up to $5,000 for living expenses and up to $20,000 for interruption of business expenses. I understand that the committee worked to ensure that the inclusion of this additional coverage would be provided at fully actuarial rates, but let me remind this body that Congress does not have a great track record when it comes to pricing risks. One has to look no further than Fannie Mae and Freddie Mac to see an example of that, or just look at this program, itself. The National Flood Insurance Program is about $18 billion in the red. Let me say that again. We have a Federal flood insurance program that currently owes the Treasury Department nearly $18 billion, so we shouldn't take at face value the notion that any new coverage that's offered is priced at fully actuarial rates. This expansion of coverage will only increase taxpayer liability, which is the last thing that this Congress ought to do with a program so severely in debt and with a country so severely in debt. Instead, we should be passing legislation to narrow the scope of the NFIP, not to expand it. Simply put, any reform to the NFIP should be moving toward privatization, and I am sure this belief is shared by a number of my colleagues.…”