[Congressional Record Volume 153, Number 151 (Friday, October 5, 2007)]
[Extensions of Remarks]
[Pages E2078-E2079]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          FLOOD INSURANCE REFORM AND MODERNIZATION ACT OF 2007

                                 ______
                                 

                               speech of

                        HON. PATRICK J. KENNEDY

                            of rhode island

                    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

[[Page E2079]]

     program to make available multiperil coverage for damage 
     resulting from windstorms and floods, and for other purposes:

  Mr. KENNEDY. Mr. Chairman, I rise in support of the Flood Insurance 
Reform and Modernization Act which would put the National Flood 
Insurance Program, an important program to the residents of Rhode 
Island, back on solid footing. Devastated by the impact of Hurricane 
Katrina, the National Flood Insurance Program has operated in deficits 
for over 2 years. This bill authorizes increased funds for the program 
and includes additional provisions to improve flood plain mapping. 
Under this legislation, FEMA is required to conduct a review of U.S. 
flood maps and make the necessary changes to ensure accuracy and 
comprehensiveness. We owe it to homeowners across the country to 
provide a fiscally sound insurance policy for natural disasters that 
create a flood crisis. In my district, the National Flood Insurance 
Program is essential to economic growth. My home state of Rhode Island 
saw a 15 percent increase in policy growth to the NFIP as many 
residents reside in coastal areas that would be threatened by a flood 
disaster. This bill can give homeowners in my district some peace of 
mind during storms and violent weather,. Though questions remain over 
the cost of the optional wind coverage in the National Flood Insurance 
Program, I support the pending study by the General Accountability 
Office to investigate the financial viability of the wind program. I 
applaud Chairman Frank, and congresswoman Waters' efforts to infuse 
federal dollars back into the National Flood Insurance Program so that 
it continues to serve as a safety net for victims of future natural 
disasters. Congress has an obligation to ensure that this program is on 
sound financial footing and I urge my colleagues to pass this important 
piece of legislation.

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