Political Quotes

“Mr. President, today is Thursday, October 7, 2021, and Risk Rating 2.0 has officially been in effect for 6 full days. What is Risk Rating 2.0? It is a new rating system for the National Flood Insurance Program that will increase premiums higher than sustainable for homeowners and, therefore, higher than is sustainable for the program. In Louisiana, 80 percent of policyholders will see increases in the first year, and at times, for some, premiums will become unaffordable and can collapse the value of their home. The Presiding Officer is also from a coastal State. This will absolutely affect everyone who lives in a coastal State. Now, particularly, in my State, in light of recent storms, it is important that we understand the sustainability of the National Flood Insurance Program is key. Congress never passed a bill requiring that FEMA implement Risk Rating 2.0. President Biden can stop it. He has chosen not to. We have asked that FEMA delay implementing this program or reconsider it altogether. Now, by the way, FEMA has been slow to share information with policyholders and, frankly, misleading Congress by hiding the true consequences of 2.0 and not being up front with the cost in the out- years. They said they would tell policyholders by August 1 of the increase in premiums, but they missed the deadline. It didn't come down to homeowners and insurers until the middle of September. Some are still trying to figure out what this rating system will mean for their life.…”