Political Quotes

“Extraneous provisions on flood insurance that should not be pasted into this legislation were included. These provisions actually undermine the very solvency of the program. They are establishing a private market at a time when the National Flood Insurance Program--the Federal program--is going to need the resources to pay claims. Establishing a private market within 60 days is going to divert resources from the Federal program to private insurers. It is going to divert these dollars to where they don't have the resources to make the payments. Private insurance companies are already involved in flood insurance, and once we authorize them to step into these markets, they are going to be able to cherry-pick low- and moderate-risk policies, leaving the National Flood Insurance Program with only high-risk policies, leaving them with the burden of flood mapping and leaving them with the burden of a $24.6 billion debt. I don't understand how the program is going to have the resources to pay the claims it underwrites. Next, Mr. Speaker, one of the other big problems we have is that this shows floods in Texas, floods in Louisiana, and gutting homes in Louisiana here and in Texas there. {time} 1730 These were both 1,000-year flood events. I don't understand the difference on why we choose these folks get tax relief and these don't. We introduced nearly identical legislation to address this.…”