Political Quotes

“Madam President, the National Flood Insurance Program Risk Rating 2.0 has officially been in effect for almost a year, and families in Louisiana are feeling the unfolding disaster. We are not talking about a storm or a flood, which the National Flood Insurance Program is supposed to protect against. We are talking about the financial crisis unfolding at kitchen tables. Families cannot afford the premium hikes that the NFIP is planning with Risk Rating 2.0. For some, the premiums have become unaffordable and threaten the collapse of the value of their home. For now, rate hikes are capped at 18 percent per year, but these compound year after year. So for the couple who has lived in their house for decades, they are not thinking, OK, it is only 18 percent. No, they are thinking it is 18 percent compounded upon 18 percent. And they don't have a plan to move: Oh, let's escape from it. This is where they have been for decades. Eighteen percent compounds and adds up very quickly. This is not fiction. These are real stories that I hear from folks in Louisiana--great Americans, great Louisianians who love our country-- and they are wondering what in the heck is going on. An example is the Bourgeois family, an elderly couple in Raceland. They both turned 83 last year. They have owned their home for 56 years. It has never been in a flood zone, and it has never flooded. Before Risk Rating 2.0, they paid $500 a year in flood insurance premiums.…”