James Barrett: “I appreciate that many homeowners around the country require affordable insurance against natural disasters. However, I…”

“I appreciate that many homeowners around the country require affordable insurance against natural disasters. However, I also know that the Federal Government cannot afford spending at the excessive levels we are spending at. By expanding the National Flood Insurance Program, the NFIP, H.R. 3121 would put the Federal Government on the hook for even more billions of dollars. Coming from a State prone to hurricanes, I am sensitive to those needs and to those who live in high-risk areas for natural disasters. But it would be irresponsible for the Federal Government to expand its program without fully understanding the repercussions. The NFIP already owes the Department of Treasury around $18 billion, and it is unlikely that they will ever be able to repay this amount; $18 billion. So should we now increase the NFIP's exposure, thus increasing the Federal Government's liability, by expanding this program to include wind insurance? To do so would be unfair to the taxpayers who would be stuck with this bill. Expanding this already distressed program will increase the Federal Government's liability, and will almost definitely increase government spending on a huge scale while crowding out private insurance markets.”