Barney Frank: “I want to stress what we are doing. People have said, well, you are giving people breaks. No. The amendment that the…”

“I want to stress what we are doing. People have said, well, you are giving people breaks. No. The amendment that the gentleman from California (Mr. Cardoza) offered earlier and this one deal with people who having lived somewhere, now will find themselves in a floodplain not because they moved, but because the designation is different. This does not exempt them from having to pay the insurance. It does in certain cases, the gentleman from California's case. And this one that has to do with remapping, new maps or updating maps, it allows them to phase in. The result will be more people paying in and more people living in a floodplain who will be having to pay flood insurance. The remapping means there will be more restrictions on future building there. I did want to stress that we did not in this bill and not in any of the amendments give any reductions to people already covered. But we have said, again, where people did not move in but found themselves where they had previously been living now included in the zone, we give people some leeway in the phasing in of the policy charge.”