Luetkemeyer Introduces the Taxpayer Exposure Mitigation Act

On Friday, U.S. Rep. Blaine Luetkemeyer (MO-03) introduced legislation that takes the first steps in reforming the National Flood Insurance Program (NFIP) and empowering local communities and businesses.

"In the last few days, flooding has devastated Missouri and other Midwestern states. It's a reminder that the threat of flooding is real and constant," Luetkemeyer said. "The aftermath of these floods will likely remind us that the National Flood Insurance Program is in need of serious reform. My Taxpayer Exposure Mitigation Act takes steps to build a safer system that will better serve taxpayers and policyholders alike. Homeowners and businesses across the country depend on the accuracy of flood maps in making decisions about flood insurance and flooding risks. It's time to make sure the program is on sounder financial footing, that taxpayers are protected from footing the bill for future losses, and it's time to shift power from bureaucrats in Washington to states, local communities and policyholders. This bill is an important step towards meaningful reform of the National Flood Insurance Program, and I look forward to working with my colleagues on these and other reform initiatives."

The Taxpayer Exposure Mitigation Act:

-Allows for community involvement in mapping

-Requires FEMA to purchase reinsurance or some capital market alternative to protect taxpayers from footing the bill for future losses

-Allows commercial properties to opt-out of the mandatory purchase requirement, allowing for businesses to more easily purchase private flood coverage.

Read this original document at: http://luetkemeyer.house.gov/news/documentsingle.aspx?DocumentID=398892