Rep. Dennis A. Ross Lauds House Passage of Much-Needed Flood Reform
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Rep. Dennis A. Ross Lauds House Passage of Much-Needed Flood Reform
"With today's vote, the House is advancing a solution to the problems that have made national flood insurance program both too big to fail and yet absolutely bound to fail," said
In remarks on the Floor earlier today,
[https://www.c-span.org/video/?c4691610/rep-dennis-ross-americans-need-real-insurance-floods]
Transcript:
Homeowners deserve choice, they deserve competition, and above all they deserve to know the true risk their homes face from floods - the most costly of all natural disasters.
I believe the underlying bill means the freedom to insure against obvious danger that imperils people's homes, and their wallets.
I am particularly enthusiastic about the inclusion of my bipartisan legislation to facilitate the development of a robust private flood insurance marketplace.
After months, even years of negotiations, we've produced legislation that appropriately balances the need for affordable flood insurance, with our responsibility to act as faithful stewards of taxpayer dollars.
Everyone knows that our National Flood Insurance Program (NFIP) is broken. We should act accordingly. We need to fix it. But before we do that, we must agree to proceed.
Less than a month ago, many of us voted to bailout this floundering program, forgiving
I believe we need to proceed with debate because we need to have a responsible conversation about fixing this problem before it gets worse.
Americans deserve better than a big-government insurance monopoly that's unable to pay for the risk it insures.
The 21st Century Flood Reform Act will usher in a new era of consumer choice, competition, and affordability, by empowering policyholders to purchase the insurance product that best meets their needs.
We're getting rid of the top-down, single-payer approach to insurance where we pretend there's no danger until there is a tragedy.
Giving consumers' choice in a competitive marketplace will not only drive down costs, but also help us reduce the unacceptable number of homes that are not protected by flood insurance.
The NFIP can be an important tool for mitigating flood risks and helping families recover after disaster strikes. But it cannot be the only tool.
A federal program that conceals actual risk through artificially low rates is neither compassionate nor responsible.
People deserve to know they're in danger. When the federal government provides them with information that suggests otherwise, we do more harm than good.
We cannot expect to have educated, thoughtful consumers if we deprive them of the market information that is needed to make smart decisions.
By putting policyholders on a slow path to sound premium rates, we are stepping towards a future where the threats of major floods are confronted before they are realized.
I think we all agree that more needs to be done to mitigate flood risk and incentivize investments in resiliency. We can take the first steps by eliminating the false security that inoculates our society to the dangers of flooding. Let's remove the blindfold we've placed over the public's eyes. Let's gradually walk-back the subsidies that conceal a homeowner's risk.
It is time for this nation to confront this threat with clear eyes and a vision for the future. This bill is the first step in the right direction.
In closing, I want to thank Chairman Hensarling and our Housing and Insurance subcommittee chairman
Flood insurance is one of those rare issues that transcends traditional political boundaries, it is complex and difficult to reform; but thanks to their hard work and dedication, I'm hopeful that we have finally found a path forward.
Let's support the freedom to insure against obvious danger that imperils people's homes, and all their wallets. Let's support informed decision making.
I once again urge my colleagues to vote yes on this rule and yield back.
Director of Communications and Policy Advisor
Congressman
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