Jay Inslee: “before I comment on this bill, I want to comment on two leaders who helped to get it here, Mr. Klein and Mr. Mahoney.…”

“before I comment on this bill, I want to comment on two leaders who helped to get it here, Mr. Klein and Mr. Mahoney. Usually, when freshmen Congressmen have bills in the House, it is something like naming a post office or something. These two fellows have worked a very well-crafted bill that I hope has broad consensus, and they have my admiration for their great work. I think it is a very important bill for all of us because it responds to the need for a stable insurance market in these areas. Some have suggested somehow this displaces the private insurance industry. In fact, it just allows that market to work. It is preferable to have catastrophe bonds and some reinsurance contracts in advance, rather than trying to deal with catastrophe afterwards through Federal Government bailouts. This is a market-driven way to do it. It makes the market stronger. It spreads the risk in a way that is consistent with our economic system, and we need to pass this bill.”