[Congressional Record Volume 156, Number 130 (Friday, September 24, 2010)]
[Extensions of Remarks]
[Page E1745]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        NATIONAL FLOOD INSURANCE PROGRAM REEXTENSION ACT OF 2010

                                 ______
                                 

                               speech of

                        HON. BILL PASCRELL, JR.

                             of new jersey

                    in the house of representatives

                      Thursday, September 23, 2010

  Mr. PASCRELL. Madam Speaker, I rise to address the issue of flooding 
raised by the National Flood Insurance Program Reextension Act of 2010 
before us today. Although it is critical that we pass this legislation 
to ensure that flood insurance remains available to those in flood 
prone areas, this reextension is not the ultimate solution. Congress 
has followed a dangerously inconsistent stopgap approach of short-term 
fixes to the National Flood Insurance Program, or NFIP, for almost 2 
years now.
  We need a permanent solution for the sake of my constituents and all 
Americans in flood-prone regions. Too frequently, the NFIP has been 
allowed to lapse. The House recently passed a bill which would address 
this issue by providing long-term authorization for the NFIP. This type 
of solution is necessary to provide certainty in real estate markets 
and the greater economy, as thousands of potential real estate 
transactions were stalled every day during the 53 days this year which 
the program lapsed.
  These issues further damage our economy, as homeowners in the flood-
prone areas of more than 20,000 communities across the U.S. could not 
obtain mortgages without the critical flood insurance made available 
through NFIP. In these regions, homeowners face a one in four chance 
that their property will suffer flood damage over the life of a 30-year 
mortgage.
  My constituents and I are all too familiar with the issue of 
flooding. The Passaic River basin in my district is a historically 
flood-prone region, and the rapid growth of population and industry in 
that region has made the threat of loss of property and life a serious 
problem. Since 1900, at least 26 lives have been lost in floods and the 
total losses over that period are over $4.5 billion.
  Just this March, the residents of the Eighth Congressional District 
of New Jersey along the Passaic basin suffered some of the most 
extensive flooding in the region to have occurred in the last quarter 
century. Approximately 2,500 residents in the district were forced from 
their homes and the estimated damage to the public sector alone is over 
$10 million dollars. These events resulted in a Federal Disaster 
Declaration issued by President Obama. All across this country, access 
to flood insurance is an absolute necessity just as it is in the 
Passaic River basin.
  If Congress does not act now, the flood insurance program will expire 
once again on September 30, at the peak of hurricane season. Madam 
Speaker, distinguished colleagues, I ask you today to join me in 
passing this bill. However, we must dedicate ourselves to finding a 
permanent solution for those Americans adversely affected by flooding. 
The people of my district need a long-term extension of the flood 
insurance program--and they need to know that the flood insurance 
program will always be there for them. While we are working to mitigate 
the damage caused by floods, this program remains essential for those 
tragic times when nature takes over. With homes in my district and in 
every flood-prone part of the country in harm's way, it is simply too 
dangerous to risk disaster because we failed once again to extend the 
National Flood Insurance Program.

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