Bob Menendez: “I rise in support of amendment No. 802, which I understand will be offered to the WRDA bill by my colleague from…”

“I rise in support of amendment No. 802, which I understand will be offered to the WRDA bill by my colleague from Louisiana Senator Landrieu which would stop flood insurance premiums from skyrocketing until FEMA completes its study on the affordability of premiums of the National Flood Insurance Program. As everyone here knows, my home State of New Jersey was at the epicenter of Superstorm Sandy which destroyed thousands of homes, left millions without power, and caused billions of dollars in damage. But despite the devastation, the people of New Jersey didn't give up. They began rebuilding, and we showed the country that ``Jersey Tough'' isn't just a slogan. But even as we slowly recover from the worst natural disaster in our State's history, a manmade disaster is looming in the distance, jeopardizing our recovery. The combination of updated flood maps and the phaseout of premium subsidies for the National Flood Insurance Program threaten to force victims out of their homes and destroy entire communities. It is like a triple whammy. We have the consequences of Superstorm Sandy, which devastated homes, so they have to rebuild. Many times, that insurance didn't rise to the level of the cost of rebuilding. Secondly, and as a result of flood maps that came in after the storm, there are now requirements for new elevations. Thirdly, the premiums are going to skyrocket because the subsidies go down. So we have a triple whammy.…”