Political Quotes

“I am here today to talk about the Heller- Lee amendment to the flood insurance legislation we are currently considering. One of my core beliefs is that in order for Americans to succeed, regardless of the issue, we need more choices, we need higher competition, and we also need less cost. So let us talk about the NFIP. Right now, the National Federal Insurance Program has a near monopoly on the flood insurance market. In fact, I think if you ask most Americans if they knew there were other flood insurance policies other than through NFIP, you would probably get a blank stare. What most people don't know is that since the passage of the National Flood Insurance Act of 1968, private flood insurance has been understood to satisfy requirements and mandates to purchase flood insurance. In fact, when Congress passed the last flood insurance reform package under Biggert-Waters, Congress reaffirmed the intent that private primary flood insurance should satisfy requirements and those of mandatory purchase. Unfortunately, due to the lack of legislative language, there have been pervasive rejections of private primary flood insurance by most lenders. This is due to the fact that lenders are unsure about the validity of private-issue flood insurance, despite the fact this insurance has been issued and accepted in the past. For this reason, I, along with Senator Lee, have worked on an amendment that would provide clarification and hopefully eliminate this uncertainty.…”