John Culberson: “I am glad we are considering this amendment to have FEMA give us a comprehensive report of the problems facing the flood…”

“I am glad we are considering this amendment to have FEMA give us a comprehensive report of the problems facing the flood insurance program. We already established that this legislation, in essence, is going to create a public-private partnership in which the insurance companies are going to collect the premium and the taxpayers are going to pay the bill. We have already established, as Mr. Baker pointed out earlier, that there is potentially $19 trillion worth of valuation of property out there along the coastlines that are, again, a risk that the taxpayers are assuming. The TRIA legislation, Terrorism Risk Insurance legislation that the liberal leadership of this House pushed through last week puts taxpayers potentially on the hook for $100 billion. I wanted, if I could, to just get an answer to my question in the time that I have got. Other than Social Security and Medicare and not counting the Mars program that the chairman mentioned, because there is no such program, can the chairman or anyone else on that side identify a single piece of legislation that has created a bigger potential risk to the taxpayers than this bill? This, I won't say boondoggle, but this piece of legislation creates potentially trillions of dollars worth of liability.”