Flood Insurance Reform Act of 2011

Floor Speech

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Ms. WATERS. Madam Chairwoman, I yield myself such time as I may consume.

I rise today in strong support of H.R. 1309, the Flood Insurance Reform Act of 2011. Before I begin my remarks, I would like to thank Chairman Spencer Bachus, Chairwoman Judy Biggert, and Ranking Member Barney Frank for their assistance and support with this bill.

We were able to work in a bipartisan manner on this bill in our committee passing it on a vote of 54-0. The spirit of cooperation between Republicans and Democrats on this bill has been extremely welcome, and this is why I am proud to be an original cosponsor of this bill.

Madam Chairwoman, earlier this year I introduced similar legislation, H.R. 1026, the Flood Insurance Reform Priorities Act. A version of my bill passed the House last year on a bipartisan vote, and I hope that the bill offered by the gentlewoman from Illinois will also pass the House with significant support from both parties.

The flood insurance program is more important now than ever before. Floods are the most common natural disaster and flood insurance is the most effective means for helping families to rebuild after a flood. Therefore, it is vital that flood insurance remain accessible, affordable and available to the 5.5 million homeowners with policies and the many more who may want or need to purchase them.

Unfortunately, the lack of a long-term authorization has placed the flood insurance program at risk. The program lapsed three times last year. These lapses meant that FEMA was not able to write new policies, renew expiring policies or increase coverage limits. Given the current crisis in the housing market, this inability in the flood insurance program is unacceptable and must be addressed. I am pleased that the gentlewoman's bill not only reauthorizes the program for 5 years but also provides the program with the tools it needs to return to a strong financial footing while protecting homeowners.

The bill also addresses the impact of new flood maps on communities. The mapping process has caused confusion and financial strain on homeowners who now find themselves in flood zones and subject to mandatory purchase requirements. I saw this firsthand in my home city of Los Angeles. Last year, I was able to assist homeowners in the Park Mesa Heights area of the city who had been mistakenly placed in a flood zone. In that case, FEMA acted quickly to respond to new data and correct the mistake. However, there are thousands of homeowners nationwide who now find themselves in flood zones and subject to mandatory purchase requirements.

The gentlewoman's bill would ease the financial strain on newly mapped homeowners by allowing for a 3-year delay of the mandatory purchase requirement and allows for a 5-year phase-in of actuarial rates afterwards. In addition, I know that the gentleman from Alabama, the chairman of the committee, will be offering an amendment similar to the one I offered at markup that would extend the 3-year delay to 5 years. I know that the gentleman has worked with a bipartisan coalition of members of the House Levee Caucus, led by the gentleman from Illinois (Mr. Costello), and I look forward to passage of that amendment.

To make sure that FEMA issues the most accurate maps, the bill establishes a Technical Mapping Advisory Council. By improving the mapping process, the council would prevent instances of erroneous flood maps, like the one I encountered in Park Mesa Heights. The bill also makes other improvements to the program by phasing in actuarial rates for pre-FIRM properties, raising maximum coverage limits, providing notice to renters about contents insurance, and allowing homeowners that receive letters of map amendment to be reimbursed for their costs.

Madam Chairwoman, I believe that the gentlewoman from Illinois and I have produced a good bill that will protect homeowners, the flood insurance program, and taxpayers. I hope that we can pass this bill today and that the Senate takes up flood insurance reform in short order so that we do not risk another lapse when the program expires on September 30 of this year. Again, I thank the gentlewoman from Illinois for her tremendous work on this bill, and I strongly urge an ``aye'' vote.

I reserve the balance of my time.

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Ms. WATERS. Madam Chair, I yield myself the balance of my time to close.

I am very pleased and proud to be a cosponsor of this tremendous comprehensive legislation.

I would like to thank the chairwoman from Illinois (Mrs. Biggert) for her work, her leadership, and her cooperation. And I would like to thank both the chairman of our committee, Mr. Bachus, and the ranking member, Mr. Frank, for their support and their cooperation on this legislation.

You heard Mr. Bachus, our chairman, recount for you that 54 members of the committee unanimously voted to support this legislation. That is pretty unheard of. And I think that the committee, the entire committee is to be congratulated for the tremendous work that we all put in to making sure that we have comprehensive legislation that would afford protection for our citizens and, at the same time, as was mentioned, reduce the costs, but recognize that this has been a long time in coming.

So as a cosponsor of this bill, H.R. 1309, the Flood Insurance Reform Act of 2011, this bipartisan effort that has brought us to this point, I would like to say that all of the Members who have spoken today, for the most part, on both sides of the aisle, have been complimentary of this comprehensive work. Of course, we did have one Member who disagreed with government's involvement in this flood insurance program. That's a rather radical view. I think most Members of this Congress believe that we have a responsibility to give support to those who are the victims of natural disaster, disasters that have been caused through, of course, no fault of their own. They're pleased that they have an opportunity to get some protection, with the help of their government, and to make sure that their homes and their families can be supported at a time that can be very traumatic in their lives.

Again, I will have to remind all of my colleagues that unfortunately the lack of a long-term authorization has placed the flood insurance program at risk. The program lapsed three times last year. These lapses meant that FEMA was not able to write new policies, renew expiring policies, or increase coverage limits.

Today, you have heard the Members of Congress again on both sides of the aisle give appreciation for the mapping reform that we have included in this legislation, for the outreach that we have included in this en bloc amendment that would allow the constituents of all of our districts to understand better what FEMA is doing, how it's doing, and how they can be a part of it. I am also pleased that included in this en bloc amendment is protection for small businesses. And I am very, very pleased that we have seen this as an effort not only to reauthorize, but to correct some of the weaknesses in the program and to strengthen the program in general.

With that, Madam Chair, I would ask for support for this bill. I know that there are some amendments that are being introduced a little bit later on; and I think that, again, you will see bipartisan support for most of these amendments. And I look forward to completing the bill with the amendments and to sending this bill on, where I believe we will have like support on the Senate side, and eventually to the President's desk. It's about time. I think that this country's going to be better off for it.

With that, I yield back the balance of my time.

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