Printer Friendly

United States : Menendez, Kennedy, Van Hollen, Rubio, Warren, Cochran Lead Bipartisan Flood Insurance Reform Bill.

U.S. Senators Bob Menendez (D-N.J.), John Kennedy (R-La.), Chris Van Hollen (D-Md.), Marco Rubio (R-Fla.), Elizabeth Warren (D-Mass.), Thad Cochran (R-Miss.), members of the Senate Banking and Appropriations Committees that oversee the National Flood Insurance Program (NFIP), today introduced comprehensive, bipartisan legislation to extend the NFIP for six years while instituting a series of sweeping reforms to address the waste, abuse and mismanagement plaguing the system. Sens. Cory Booker (D-N.J) and Bill Nelson (D-Fla.) have signed on as original cosponsors.

The Sustainable, Affordable, Fair, and Efficient (SAFE) National Flood Insurance Program Reauthorization Act of 2017 tackles systemic problems with flood insurance, puts it back on solid fiscal ground, and reframes the nation's entire disaster paradigm to one that focuses more on prevention and mitigation to spare the high cost of rebuilding after flood disasters. Congress must reauthorize the NFIP, which expires on Sept. 30, 2017.

"Americans deserve a National Flood Insurance Program that is sustainable for taxpayers, affordable for homeowners, and accountable to everyone," said Sen. Menendez, a senior member of the Senate Banking Committee and chair of the Sandy Task Force. "If we want a more sustainable system, the answer isn't to slam homeowners with even higher premiums. This legislation puts the lessons we learned after Superstorm Sandy into action, levels the playing field for policyholders, and attacks the NFIP's rampant waste and abuse to create real savings and greater investment in mitigation and resiliency efforts to make our residents and communities safer."

"More than five million Americans depend on this vital program to protect their homes and businesses. This is an essential program, not just for Louisiana, but for the entire U.S," said Sen. Kennedy, who sits on both the Senate Banking and Appropriations Committees. "We have to ensure that families and businesses in flood-prone areas are protected. This bill will reauthorize the National Flood Insurance Program while making common sense reforms to maintain its solvency."

"From Ellicott City to the Eastern Shore, flooding impacts communities across Maryland," said Sen. Van Hollen, a member of the Senate Banking Committee. "We need to reform the National Flood Insurance Program to ensure that families and businesses have the affordable coverage they need, our flood maps are based on the most update-to-date science, and the NFIP program has long-term stability for communities across the country."

"The National Flood Insurance Program is vitally important to my home state of Florida, which is a major contributor to the system," said Sen. Rubio, a member of the Senate Appropriations Committee. "This bill helps ensure long-term stability, while providing much needed reforms to protect the program's policyholders. It is past time for the federal government to take a more proactive approach in addressing the underlying risk affecting flood prone communities. I am proud to have worked with this bipartisan group to make our National Flood Insurance Program more viable, sustainable and accountable."

"It's time to come together to pass a long-term, bipartisan NFIP reauthorization that makes much-needed reforms to the flood insurance program," said Sen. Warren, a member of the Senate Banking Committee. "Our bill will make changes that extend affordable flood insurance protection to everyone who needs it and that places more emphasis on better flood mapping, prevention, and resiliency."

"Policyholders in Mississippi and around the country know the National Flood Insurance Program needs to be reformed. This legislation is a solid starting point to make the program more affordable and accountable. We want to return emphasis on flood control infrastructure, and fully recognize the physical and financial protections gained from these cost-shared investments," said Sen. Cochran, chairman of the Senate Appropriations Committee. "I look forward to working to pass bipartisan reforms that offer better flood protection and more effective coverage for homeowners, businesses, and communities."

SAFE NFIP addresses critical problems with the program, administered by the Federal Emergency Management Agency (FEMA), following Superstorm Sandy and other disasters: unsustainability, low participation rates, inaccurate flood maps, indifference to the benefits of flood control infrastructure, agency mismanagement, unsustainable debt service costs and contractor profiteering.

[c] 2017 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
COPYRIGHT 2017 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Date:Jun 14, 2017
Words:685
Previous Article:United Kingdom : Ricardo shows how to create the right voice for the performance electric car.
Next Article:United States : Murray, Warren, Scott, Bonamici Urge Secretary DeVos to Protect Students, Reverse Student Loan Decisions.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters