Emanuel Cleaver: “I rise this evening to support the House amendment to S. 1182, the National Flood Insurance Program Extension Act of…”

“I rise this evening to support the House amendment to S. 1182, the National Flood Insurance Program Extension Act of 2018. This bill would provide a clean, 4-month extension for the NFIP. Now, I do plan to vote in favor of this bill, but I do so with deep consternation that we are, yet again, passing a short-term reauthorization. This will be the seventh short-term extension for the NFIP in the last 10 months. This is somewhat embarrassing, or should be, to all of us. If we fail to reauthorize the program, the NFIP will not be able to issue new policies, and borrowing authority would be limited. A lapse in authorization during the height of hurricane season could have serious ramifications for communities that have already weathered last year's severe storms. When the Financial Services Committee began to consider the NFIP reauthorization, I had advocated for a long-term reauthorization. I met with Mr. Duffy many, many times. We discussed that a long-term reauthorization of 5 or even 10 years would provide policyholders and stakeholders with certainty. It would give industry stability, communities a chance to develop mitigation plans, and policyholders peace of mind. Affordability must remain a central component of any long-term plan to revamp the NFIP. Rates are already increasing for many policyholders, and we need to ensure that homeowners who rely on the NFIP for protection are not priced out of the program.…”