[Congressional Record Volume 157, Number 105 (Thursday, July 14, 2011)]
[Extensions of Remarks]
[Page E1321]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   FLOOD INSURANCE REFORM ACT OF 2011

                                 ______
                                 

                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                         Tuesday, July 12, 2011

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 1309) to 
     extend the authorization of the national flood insurance 
     program, to achieve reforms to improve the financial 
     integrity and stability of the program, and to increase the 
     role of private markets in the management of flood insurance 
     risk, and for other purposes:

  Ms. McCOLLUM. Madam Chair, I rise in support of H.R. 1309, the Flood 
Insurance Reform Act of 2011. This important bill reauthorizes the 
National Flood Insurance Program (NFIP) through Fiscal Year 2016 and 
secures the program's near-term fiscal health. Minnesota has 
experienced its fair share of flooding this year. This bill is vitally 
needed to help communities in my state and states across the country 
recover from natural disasters.
  The National Flood Insurance Program (NFIP) was established by 
Congress under the National Flood Insurance Act of 1968. The NFIP is a 
federal program that enables property owners in participating 
communities to purchase flood insurance in exchange for state and 
community flood protections. The National Flood Insurance Program is 
the primary source of reliable, affordable flood insurance coverage for 
about 5.6 million homes and businesses.
  H.R. 1309 takes the necessary steps to ensure the NFIP's long term 
viability by encouraging broader participation in the program, 
eliminating wasteful subsidies, and updating the program to meet needs 
of the 21st century. Lastly, this bill delays the mandatory requirement 
for homeowners in newly classified ``Special Flood Hazard Areas'' to 
purchase flood insurance. The three year delay ensures affected 
homeowners are not suddenly burdened with new insurance costs and 
allows them adequate time to challenge new flood zone designations.
  I urge my colleagues to support the Flood Insurance Reform Act of 
2011.

                          ____________________