Have you developed an estimate of how many dollars or how many Americans, how many dollars have Swiss bank accounts?

Thank you, Mr. Chairman.

So you determine compliance because they basically sign waivers and a W-9, which gets reported back to the IRS.

Why would a U.S. investor invest into a Swiss bank? What are the motivations?

I am just trying to get to the obvious point to why people put money into Switzerland.

It really has to be around the ability to offer services and returns that are competitive.

Why do people take money out of their countries of origin and invest in Switzerland?

What percent of the U.S.-based accounts or U.S.-owned accounts do you think that would reveal?

They were correct, weren't they?

Well, we have that interference, correct?

OK. And, again, that is not a good thing in terms of reduction of that moral hazard of----

If the Federal Government is the 800-pound gorilla... is that a real disincentive to do the resiliency?

Wouldn't the insurance industry itself have a vested interest to develop these standards?

As you said in your testimony, the insurance industry has a unique capacity to provide that discipline.

Do you think people would build $1 million, $2 million homes right on the beach if they had to pay the full cost of the risk on their insurance?

Well, let us talk--because you are using the word I wanted to get to next is 'incentivize.'

I am afraid that if we have an overreliance on the Federal Government's help, is that restraining the mitigation.

Does that reduce their incentive to mitigate risk

And that is not happening right now with the National Flood Insurance Program, correct?

Thank you all for your testimony.

we should be either rewarded or incentivized in some ways. And the other States that do not take those actions should be penalized in some ways.

the economics of inaction are very clear to folks; and then also, kind of toughening up a little bit

Now, when society subsidizes private individuals taking those types of risks, that increases that type of behavior, correct?

We can argue over it all we want. But in my State, we see it every single day.

I think it is very important we send the right market signals for climate change preparedness as well.