Rep. Royce Calls on House to Pass Bipartisan Reforms to Avoid a Lapse of Flood Insurance Program
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Contact: Steven D. Smith [email protected]
Rep. Royce Calls on House to Pass Bipartisan Reforms to Avoid a Lapse of Flood Insurance Program
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This is unacceptable.
Subsidized flood insurance represents a moral hazard. We tell Americans that if you buy flood insurance from Uncle Sam, no matter how many times your house floods, we will give you money to rebuild it. We haven't worked to decrease moral hazard; rather we have embraced and celebrated it.
We make it more difficult for people to move than rebuild. We fail to encourage communities to mitigate flood risk. And we continue to build in high-risk areas. The clearest sign of moral hazard is the number of repeatedly flooded properties that are rebuilt with little deference to mitigation.
The examples are staggering. A
They have another word for this,
I came to the Floor, today, hoping to support a bill,
That is not the bill before us. Unfortunately, I oppose this 'can-kicking' exercise and urge my colleagues to do the same."
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