Providing for Consideration of H.R. 5114, Flood Insurance Reform Priorities Act of 2010

Floor Speech

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Ms. MATSUI. I yield myself such time as I may consume.

Mr. Speaker, House Resolution 1517 provides for consideration of H.R. 5114, the Flood Insurance Reform Priorities Act of 2010, under a structured rule. The resolution waives all points of order against consideration of the bill except those arising under clause 9 or 10 of rule XXI. The resolution provides 1 hour of debate on the bill. The resolution provides that a substitute amendment recommended by the Financial Services Committee shall be considered an original bill for purpose of amendment, and shall be considered as read.

The resolution makes in order those amendments printed in the Rules Committee report accompanying the resolution. The resolution waives all points of order against such amendments except those arising under clause 9 or 10 of rule XXI. The resolution provides one motion to recommit with or without instructions, provides the Chair may entertain a motion to rise only if offered by the chair of the House Financial Services Committee or his designee. Lastly, the resolution provides the Chair may not entertain a motion to strike the enacting words of the bill.

Mr. Speaker, I rise this morning in strong support of the rule, the Flood Insurance Reform Priorities Act, and in strong support of the underlying legislation. I would like to applaud the sponsor of H.R. 5114, Chairwoman MAXINE WATERS, for her leadership in bringing this important bill to the floor. And I commend Chairman Frank and Ranking Member BAUCUS for being open to a number of improvements to this bill from myself and fellow members.

I am grateful for their long-standing advocacy of my legislation, H.R. 1525, which is incorporated into the underlying bill before us today. Both of them and their incredible staffs have been valuable in this process.

Mr. Speaker, it is critical that our constituents have access to a stable flood insurance program. Toward that end, H.R. 5114, which I am pleased to cosponsor, would reauthorize the National Flood Insurance Program for 5 years, and implement necessary changes that are essential for its continuing viability.

Floods have been, and continue to be, one of the most destructive and costly natural hazards to my hometown of Sacramento and to other communities throughout the country. The NFIP is a valuable tool in addressing the losses incurred due to these disasters, and mitigating against future disasters. The program ensures that families have access to affordable flood insurance, while making certain that their safety is protected. In fact, the NFIP is the primary source of reliable, affordable flood insurance in this country, providing 95 percent of the flood insurance policies nationwide. It covers 5.6 million households and insures $1.2 trillion of property.

From the Sacramento region to the Louisiana bayous to the plains of the Midwest, communities are improving their flood protection infrastructure in order to keep residents safe and secure. However, as we work to provide certainty to our recovering housing market, these communities are seeking clarity to meet the changing dynamics of Federal standards.

It is for these reasons that I am thrilled that this legislation contains a provision I authored that would provide technical changes to Federal flood zone designations. In my district, the deepest flood depths would be in a region called the Natomas Basin. Fortunately, we have a flood protection project underway to achieve a 200-year level of protection for its residents.

By 2011, the Sacramento Area Flood Control Agency and the State of California will have spent upwards of $350 million repairing levees in the Natomas Basin. But over the last 5 years, the hundreds of millions devoted to levee improvements in Natomas have not been acknowledged by FEMA in the remapping process. Unfortunately, FEMA's current flood zone certification process does not always take local and State funding into account.

A year ago, I introduced H.R. 1525, which would fix this problem, and it has been included in the bill we are considering today. In addition to making flood insurance available to millions of Americans, this bill also provides communities clarity in order for them to continue their ongoing efforts to improve flood defenses. It would update current law to take local, State, and Federal funding into account when determining flood zone designations. Such investments must be recognized by the Federal Government.

Local communities, States, and the Federal Government must all be thoughtful and committed partners because protecting our constituents from the dangers potential floods pose requires a comprehensive approach. While I have always urged homeowners in floodplains to purchase flood insurance, I have serious concerns about families being forced to incur higher insurance rates during an economic recession. Increased rates on top of the annual flood protection assessments that many residents are paying each year compounds this problem, which is why I am grateful that H.R. 5114 includes another provision I strongly support that would reduce the shock of higher insurance rates by phasing them in over 5 years. It would apply retroactively to September 2008 to areas that have been already remapped.

Most importantly for the thousands of homeowners across the country that have recently gone through the remapping process, H.R. 5114 would lower their flood insurance rates. Without this bill, many of our constituents would likely be forced to pay more than four times the preferred risk policy rate.

Mr. Speaker, the Flood Insurance Reform Priorities Act was unanimously approved by the Financial Services Committee on April 27, 2010. It is budget neutral, and is supported by numerous organizations in the property insurance field. Congress has not reauthorized NFIP since 2004. It is time for us to do so and to make essential changes to the program to ensure its sustainability. As many of my colleagues can attest, providing for the security and safety of flood-prone

regions like the one I represent needs to be at the top of our priority list.

Mr. Speaker, I am proud to be part of the solution and to help make sure residents of Sacramento and other flood-prone communities across the country can afford to purchase the flood insurance they need to protect their families, their businesses, and the livelihoods of our communities.

I therefore urge my colleagues to support the rule and the underlying legislation.

I reserve the balance of my time.

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Ms. MATSUI. Mr. Speaker, I yield myself the balance of my time.

I want to start by thanking the Members and the staff of the Financial Services Committee for their diligence in working with me on this important legislation. Tom Glassic of the Financial Services majority staff has been especially helpful.

Mr. Speaker, as we are all aware, flooding is the most common natural disaster in this country. The National Flood Insurance Program, NFIP, is the primary source of reliable, affordable flood insurance in the United States today. The last reauthorization of NFIP occurred in 2004. Since 2008, it has operated under a series of short extensions, with the current law scheduled to expire at the end of September.

To ensure that individuals nationwide have access to a stable and reasonable flood insurance program, we need to pass the Flood Insurance Reform Priorities Act. This legislation would reauthorize the NFIP and implement other critically important changes that would guarantee the program's sustainability.

In particular, it would help the Sacramento region and other areas advance their ongoing efforts to improve their flood protection. Additionally, the bill would lower the burden of higher insurance rates in remapped communities by phasing them in over 5 years.

According to the Congressional Budget Office, H.R. 5114 would have no impact on the budget over the next 10 years. In fact, the CBO has stated that the measure would increase revenues by $5 million over 2010-2015 and by $10 million over 2011-2020.

It would address the NFIP's serious financial challenges by directing it back toward fiscal health and self-sustainability.

This legislation, which was unanimously approved by the Financial Services Committee earlier this year, would provide certainty to our recovering housing market and ensure public safety.

Mr. Speaker, H.R. 5114 is an important bipartisan bill that would help protect our communities from catastrophic flooding. With that in mind, I urge a ``yes'' vote on the previous question and on the rule.

Mr. Speaker, I yield 1 minute to the gentleman from Mississippi (Mr. Taylor).

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Ms. MATSUI. Mr. Speaker, if the gentleman will yield, I will respond.

One of the amendments was not germane. One amendment was made in order because it was germane.

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Ms. MATSUI. May I say that, just to clarify, the amendment that Mr. Taylor was talking about was germane to that bill. It is not germane to this bill.

So if I may continue, Mr. Speaker, H.R. 5114 is an important bipartisan bill that would protect our communities from catastrophic flooding. With that in mind, I urge a ``yes'' vote on the previous question and on the rule.

I yield back the balance of my time, and I move the previous question on the resolution.

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