Barney Frank: “From time to time in this House we are asked to choose, to some extent, between the strong views of people concerned…”

“From time to time in this House we are asked to choose, to some extent, between the strong views of people concerned with excessive spending by the Federal Government and those interested in environmental protection. Let me say to the Members, today is a happier day because we bring forward a bill today out of the Financial Services Committee which is authored by the gentleman from New Jersey (Mr. Garrett), who will soon be speaking, which advances the legitimate concerns of both those interested in saving taxpayer money and those interested in environmental protection. We have a Federal flood insurance program that exists because of market failure. That is, we do not believe that if you abolish it altogether the private market could entirely handle this. In fact, there are some areas where this committee is moving, and this House has voted, to expand the role of Federal flood insurance, particularly in the area of disasters. But as we do that, it is important that we do it in a responsible way.”