[Congressional Record Volume 160, Number 37 (Wednesday, March 5, 2014)]
[Extensions of Remarks]
[Page E303]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          HOMEOWNER FLOOD INSURANCE AFFORDABILITY ACT OF 2014

                                 ______
                                 

                               speech of

                         HON. CHRIS VAN HOLLEN

                              of maryland

                    in the house of representatives

                         Tuesday, March 4, 2014

  Mr. VAN HOLLEN. Mr. Speaker, as the ranking member of the House 
Budget Committee and someone who supported the original Biggert-Waters 
flood insurance reauthorization, I am keenly aware of the need for 
reform in this area. The federal flood insurance program is $24 billion 
in debt, and its below-market rates encourage development in 
environmentally sensitive and flood prone areas.
  Having said that, it has also become abundantly clear that the 
transition to market-based rates under the original Biggert-Waters bill 
has been unduly onerous for many homeowners, and the pace of that 
transition is in need of adjustment.
  Today's bipartisan compromise attempts to provide that adjustment in 
the form of greater predictability around rate increases for covered 
properties, paid for with a surcharge on all policyholders. While there 
were certainly other ways to address this issue, and I could have 
supported more reform than appears in this particular bill, I will vote 
for tonight's compromise in order to move this program forward.

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