Crapo Statement at Flood Insurance Hearing

May 4, 2017

Contact: Mandi Critchfield (202) 224-8713

Crapo Statement at Hearing on National Flood Insurance Program, Part II

WASHINGTON - U.S. Senator Mike Crapo (R-Idaho), Chairman of the United States Senate Committee on Banking, Housing and Urban Affairs, today delivered the following opening remarks during a full committee hearing entitled: "Reauthorization of the National Flood Insurance Program, Part II."

The text of Chairman Crapo's remarks, as prepared, is below.

"During our last flood insurance hearing, Mr. Wright outlined FEMA's four core principles for reauthorization, including:

"An on-time, multi-year reauthorization; increasing flood insurance coverage through both the NFIP and private market; addressing barriers to meeting the needs and demands of their customers; and enhancing transparency of the Program's financial framework.

"Another takeaway from the hearing was that FEMA is still in the process of implementing some of the 2012 and 2014 reform's major provisions.

"FEMA also continually receives recommendations for more improvements from groups that were created by the laws.

"For instance, both the re-established Technical Mapping Advisory Council and newly-established Office of the Flood Insurance Advocate recently released their annual reports outlining additional changes for mapping and consumer experience.

"I encourage FEMA to continue its important work implementing previous reforms and making appropriate improvements.

"Even so, there is still work to do.

"The NFIP expires at the end of September unless reauthorized by Congress.

"Working together, and balancing reforms that protect taxpayers and assist consumers, we can reauthorize the Program on time.

"To build upon our previous hearing, organizations representing a diverse set of the Program's stakeholders join us today to provide their recommendations.

"I look forward to engaging our witnesses on a number of important questions, including:

"How to offer consumers more choice by growing the private market and ensuring shared risk by both the government and private sector; how new and better technologies, such as LIDAR can be more incorporated in mapping; how to continue toward risk-based rates while balancing affordability; and how long the Program should be reauthorized.

"Senator Brown and I continue, on a bipartisan basis, to hear the thoughts and concerns from the Program's stakeholders.

"We have also been gathering priorities for the Program from committee members.

"I thank each of the witnesses for joining us today and look forward to hearing your ideas."