Doris Matsui: “I thank the gentleman from Florida for yielding me time. Mr. Speaker, this conference report includes a transportation…”

“I thank the gentleman from Florida for yielding me time. Mr. Speaker, this conference report includes a transportation bill that will help put Americans back to work and rebuild our infrastructure. It will also ensure that students will not see an interest rate hike on their loans. This package also includes a much-needed 5-year extension of the National Flood Insurance Program. This comes after 17 short-term extensions. Mr. Speaker, I represent Sacramento, which is the most at-risk metropolitan area for major flooding, as it lies at the confluence of the American and the Sacramento Rivers. Since Hurricane Katrina, more than 25,000 homeowners in my district have been remapped, and flood insurance is now mandatory for them. The average homeowner in Sacramento that has been remapped currently pays about $350 for a PRP policy. That's a preferred-rate policy. Beginning in 2013, they were set to pay $1,350 once the PRP rate expired. However, that is no longer the case. This bill contains a number of important provisions, including a flood insurance phase-in amendment offered during debate on the House NFIP bill last July. Instead of overnight sticker shock for homeowners, the provision allows for the price of flood insurance to be phased in at 20 percent per year over 5 years to the full policy price, when preferred-risk policies are no longer available in their community.…”