[Congressional Record Volume 160, Number 36 (Tuesday, March 4, 2014)]
[House]
[Page H2143]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          FLOOD INSURANCE BILL

  (Mr. THOMPSON of Pennsylvania asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. THOMPSON of Pennsylvania. Mr. Speaker, I rise today as an 
original cosponsor of H.R. 3370, the Homeowner Flood Insurance 
Affordability Act of 2014.
  Over the past decade, the National Flood Insurance Program has 
bordered on insolvency, and today it is over $24 million in debt. 
Congress, in 2012, passed the Biggert-Waters Act, which created much-
needed reforms to the program that were designed to more accurately 
reflect insurance risks and create fiscal solvency. The law mandated 
that the Federal Emergency Management Agency perform an affordability 
study before transitioning to the newly weighted system, which they 
failed to do and has led to devastating flood insurance premium 
increases.
  Mr. Speaker, there are those who think we should do nothing and let 
government mismanagement ruin the economic health of our communities. 
We cannot run away from pressing challenges. To the contrary, we must 
correct this policy failure in a manner that strikes a balanced 
solution without adding one dime to the Federal deficit.
  H.R. 3370 enables Congress to develop a long-term solution that 
protects local economies and holds government accountable.

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