Political Quotes

“I am opposed to H.R. 3370 because it abandons the much-needed reforms to the National Flood Insurance Program, NFIP, that were instituted in the Biggert-Waters Reform Act of 2012. That bill set the NFIP on a course to quickly remove Federal subsidies from the program and make it actuarially sound. If these policies had been fully implemented, it would have allowed the development of a private insurance marketplace for flood insurance, which does not currently exist. H.R. 3370 prevents flood insurance policies from being written at an actuarially sound rate when homes are sold to a new buyer or when a flood insurance policy lapses. New purchasers of homes in areas that require flood insurance should not be subsidized for making that decision. H.R. 3370 puts in doubt the hope that NFIP's subsidies are eliminated. Thank you, I yield the floor. The PRESIDING OFFICER. The Senator from New Jersey.”