Francisco Canseco: “I would like to thank Chairman Biggert for her leadership on this bill which makes vital reforms to a troubled program.…”

“I would like to thank Chairman Biggert for her leadership on this bill which makes vital reforms to a troubled program. Madam Chairman, we are all aware of the importance of flood insurance. Back in Texas, floods are a common occurrence. And when they happen, they destroy homes, property, and even entire communities. Yes, this program provides flood victims with the monetary compensation necessary to begin rebuilding their homes and their lives; yet we cannot forget that the only reason this program is still operating is because taxpayers have bailed it out as, by any measure, it has been insolvent. That is why I am offering a very simple amendment to this bill that accomplishes three things: Number one, it adds a provision to the bill that recognizes that while flood insurance is important to millions of Americans, this program is deeply in debt to the American taxpayer and there is currently no tangible plan to pay that money back; Number two, it requires the administrator of FEMA to report back to the Congress within 6 months a 10-year plan to pay back the $18 billion it currently owes taxpayers; Number three, it adds accountability to a program that is far from being fiscally sound. Let's keep in mind that if the National Flood Insurance Program were an initiative solely of the private sector, it would have declared bankruptcy long ago.…”