[Congressional Record Volume 153, Number 147 (Monday, October 1, 2007)]
[Extensions of Remarks]
[Page E2032]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          FLOOD INSURANCE REFORM AND MODERNIZATION ACT OF 2007

                                 ______
                                 

                               speech of

                             HON. AL GREEN

                                of texas

                    in the house of representatives

                      Thursday, September 27, 2007

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 3121) to 
     restore the financial solvency of the national flood 
     insurance program and to provide for such program to make 
     available multi-peril coverage for damage resulting from 
     windstorms, and floods, and for other purposes:

  Mr. AL GREEN of Texas. Mr. Chairman, I am honored to be a co-sponsor 
of H.R. 3121, ``The Flood Insurance Reform and Modernization Act of 
2007'' and I would like to thank Chairman Frank. Subcommittee 
Chairwoman Waters, Representative Taylor, and Representative Jindal for 
their leadership in reforming a program that plays a vital role in 
protecting residents and communities in flood prone areas.
  Flood protection is an important issue in my district and in Texas, a 
state which has experienced the greatest number of flood and flash 
flood deaths over the past 36 years. In 2006, Texas saw an increase of 
over 20 percent in new flood insurance policies under the National 
Flood Insurance Program.
  I want to thank Chairman Frank for working with Congressman Hinojosa 
and I in committee to preserve subsidies for those properties that 
serve as affordable rental housing for many families. A measure was 
included in the bill to acknowledge that the loss of subsidies for 
properties that serve as primary homes for rental households could 
result in significantly higher premiums, to the detriment of these 
families. Higher premiums would increase the cost of property 
ownership, a cost that apartment owners would likely pass on to tenants 
in the form of higher rents. By protecting subsidies for these 
properties, this measure would ensure their continued affordability at 
a time when our nation is faced with a shortage of affordable housing.
  I want to also express my strong support for a provision in the bill 
authored by my colleague Congressman Taylor to expand the National 
Flood Insurance Program to include coverage for wind damage.
  Multi-peril coverage, or the coverage of both wind and flood risk in 
one policy, has proven especially important in the aftermath of 
Hurricanes Katrina and Rita as survivors continue to struggle to 
receive fair compensation for the damages they experienced. Private 
insurers have used anti-concurrent causation clauses to deny payment 
for damages on the grounds that the damages occurred as a result of 
flooding, which is covered by the Federal government. Multi-peril 
coverage would shield consumers from these arguably deceptive 
practices, protecting consumers in the absence of a solution to this 
controversy.
  Again, I express my full support for this important piece of 
legislation.

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