Flood Insurance Bill

Floor Speech

Mr. THOMPSON of Pennsylvania. Mr. Speaker, I rise today as an original cosponsor of H.R. 3370, the Homeowner Flood Insurance Affordability Act of 2014.

Over the past decade, the National Flood Insurance Program has bordered on insolvency, and today it is over $24 million in debt. Congress, in 2012, passed the Biggert-Waters Act, which created much-needed reforms to the program that were designed to more accurately reflect insurance risks and create fiscal solvency. The law mandated that the Federal Emergency Management Agency perform an affordability study before transitioning to the newly weighted system, which they failed to do and has led to devastating flood insurance premium increases.

Mr. Speaker, there are those who think we should do nothing and let government mismanagement ruin the economic health of our communities. We cannot run away from pressing challenges. To the contrary, we must correct this policy failure in a manner that strikes a balanced solution without adding one dime to the Federal deficit.

H.R. 3370 enables Congress to develop a long-term solution that protects local economies and holds government accountable.

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