Kathy Castor: “we're here on the Homeowners' Defense Act of 2007 and this rule. This is an innovative solution crafted by my very…”

“we're here on the Homeowners' Defense Act of 2007 and this rule. This is an innovative solution crafted by my very thoughtful colleagues from Florida, Representative Ron Klein and Representative Tim Mahoney, to tackle the rising cost of property insurance. While the problem is especially acute in the State of Florida, it is not limited to the State of Florida. Look all the way up the coastline from Florida to Georgia, up through New York. Everyone is suffering these double-digit percentage increases in their property insurance bills. Look across the country to California and, yes, to Texas. Florida is not alone and the gulf coast is not alone. What this requires is some innovative, thoughtful thinking that sometimes is all too often missing here in Washington, but thankfully this new Congress has elected some self-starters who have experience in business and know how business and government can work together to bring real solutions for the American people. These times of crisis demand innovative solutions, and my colleagues from Florida and the Financial Services Committee that passed this bill in a bipartisan vote, that has brought this to the floor today that we can act on will provide a voluntary, not all States participate, it's a voluntary national insurance risk consortium that will allow States to tap private capital.”