But Sandy has hit before many of these provisions could take effect. As chairman of the Financial Services Committee, I wish to inform all Members in this Congress our committee will take up legislation to transition to a private, innovative, competitive, sustainable flood insurance market, one that serves the needs of all of our countrymen but ends the unsustainable taxpayer bailouts once and for all. A great fiscal tragedy of today should never become an even greater fiscal tragedy for our children tomorrow.
Jeb Hensarling: “But Sandy has hit before many of these provisions could take effect. As chairman of the Financial Services Committee, I…”
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reduce taxpayers' risk, codify into law an explicit government guarantee, and increase market competition.
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