Political Quotes

“briefly, I appreciate the longstanding views of my colleague from Oklahoma on a variety of fiscal issues, but on this one I must say I have a disagreement with him. This isn't about doing away with Biggert-Waters, because the reality is that of the 1 percent of properties that equal 33 percent of all claims, there is nothing set aside for that 1 percent that creates 33 percent of all the claims. It remains as it existed in Biggert-Waters. As a matter of fact, overwhelmingly, we keep most of the Biggert- Waters reforms in the legislation. The one thing we are doing is creating a pause for those property owners who have obeyed the rules, followed their responsibilities, built in new standards and now find themselves, notwithstanding having done all those things, in the midst of a lot of hurt and rate shock. In fact, some of us foresaw this, evidenced by the fact that I raised these issues as a member of the Senate banking committee, where this bill was heard, and when I couldn't achieve any affordability elements, I got an affordability study included, which study should be completed before we actually put into force skyrocketing premiums that are going to what, create greater stability for the fund? No. What is insurance about? Insurance is about spreading risk over a wider pool.…”