Political Quotes

“I thank the chairman for yielding. Mr. Speaker, I rise today to express my support for the 21st Century Flood Reform Act. I commend my colleagues on the Financial Services Committee for their hard work on this important bill, and I urge all Members to support its passage. As we all know, this hurricane season brought flooding and devastation to many parts of the country. Hurricanes Harvey, Irma, and Maria added even more debt to the National Flood Insurance Program, leading to a taxpayer bailout of $16 billion. That is $16 billion taken from the pockets of hardworking Americans. Unless Congress passes the 21st Century Flood Reform Act, we will, once again, have to bail out this program. The NFIP, as it currently operates, is structurally unsound. This bill will help to prevent future bailouts by authorizing the NFIP to build up its reserves. It will also prioritize mitigation efforts and encourage the NFIP to engage in actuarially sound practices. Of course, this effort is not solely focused on taxpayer protection. Homeowners, too, will benefit from the 21st Century Flood Reform Act. This bill crucially fosters the development of a private market for flood insurance. This will provide consumers with better options and more competitive prices. My own State's former insurance commissioner testified in front of our committee last year in support of this idea after seeing benefits of private sector involvement.…”