Steve Pearce: “You have heard the gentleman from Massachusetts speak against this amendment. He highlights his interest in preserving a…”

“You have heard the gentleman from Massachusetts speak against this amendment. He highlights his interest in preserving a phase-in period included in the underlying bill. I have the utmost respect for him, but I must disagree. At a time when the flood insurance program system is facing record borrowing and interest payments, we have the responsibilities to remove luxuries from the program. The final point we should make is simple. This amendment will result in an additional $335 million in premium payments to the flood insurance program. This will help preserve the financial stability of the program and reduce the burden on taxpayers. This is a good amendment, and I urge all my colleagues to vote ``yes.'' Mr. Chairman, I reserve the balance of my time.”