Tim Scott actually said...

"We have to reexamine the theory of--in my perspective, Mr. Chairman--not just flood insurance, but catastrophic occurrences that are happening more and more across the country."

"There are places in the country that are flooding that it was not historically a problem."

"My concern is that when you look at the National Flood Insurance Program, the one thing we have to say is that it hasn't worked the way that it was intended to."

"I think we are seeing that in part from the FHFA Director Thompson, who is departing from risk-based pricing on individual loans purchased by the GSEs."