Political Quotes

“it is good to see my colleague from New Jersey presiding. I rise in support of this legislation we are about to consider, the Homeowner Flood Insurance Affordability Act, which, again, is unique insofar as it is a bipartisan, bicameral piece of legislation, to ensure families will be able to afford flood insurance so they can stay in their homes, so that businesses can stay open, and property values will not plummet. Amendment No. 2707 I also rise in opposition to the Toomey substitute amendment, which would completely undermine our bill and perpetuate a failed policy. While we support putting the National Flood Insurance Program on a path to solvency, current law hikes rates so fast and so high that it will actually undermine the solvency of the program. These drastic increases will act as a de facto eviction notice for homeowners who have lived in their homes and played by the rules their entire lives. That is going to drive down property values, as the housing market is struggling to recover. What is most alarming is the fact that FEMA does not even know the size or scope of this problem. They were supposed to complete a study on the affordability of rate increases mandated by Biggert-Waters by last April, but they failed to do so. That is simply unacceptable.…”