Political Quotes

“Mr. Speaker, I rise today to speak in favor of H.R. 2874, the 21st Century Flood Reform Act. This act is near and dear to my heart. That is how I make my livelihood. I am a real estate developer. We build houses. We build commercial projects. All that stops unless reform is made in the Flood Insurance Program. This bill proposes major reforms to one of the Federal Government's most broken programs, the National Flood Insurance Program. The Government Accountability Office has labeled the NFIP a high-risk program mainly because policyholders often pay premiums well below the actual risk of flooding on their properties. H.R. 2874 requires FEMA to conduct an annual actuarial review of the status of the NFIP that will allow FEMA to adjust rates appropriately and help maintain the program's financial stability. Currently, there are 4.92 million NFIP policies providing $1.23 trillion in coverage to Americans. Many of these properties are what this bill defines as multiple loss properties, where NFIP claims have been filed repeatedly. This bill requires FEMA to raise premiums on multiple loss properties by 15 percent annually if the premiums do not reflect the full risk. This is just another step toward FEMA improving the financial stability of the NFIP. Often, with the Federal Government, there are changes and agreements made behind closed doors with little or no public comment. H.R.…”