Congressman Steve Scalise today announced an agreement between key players in the House, including House Majority Leader Eric Cantor, to protect Louisiana homeowners from unaffordable Biggert-Waters rate hikes. The proposal will provide flood insurance relief and peace of mind for Louisianans. It will be brought up for a vote in the coming weeks.
"Steve Scalise has been instrumental in working toward a solution and is a tremendous advocate for his constituents," said House Majority Leader Eric Cantor. "A week hasn't gone by that Steve hasn't emphasized to me how important these Biggert-Waters reforms are to South Louisiana and the country."
"Today's agreement to do more than simply delay an unworkable law is yet another monumental step in the right direction to provide relief to Louisiana families and businesses struggling under the weight of Biggert-Waters rate hikes," Scalise said. "For months I've worked with my colleagues to build a strong coalition in the House dedicated to preventing unrealistic and unaffordable flood insurance rate hikes that threaten hundreds of thousands of Louisiana families. Today's announcement is a clear sign that the House is committed to addressing this problem with real long-term solutions that will give certainty and peace of mind to homeowners who have played by the rules.
"I commend and thank House Majority Leader Eric Cantor for his dedication to working with us on this long-term solution, and I look forward to swift consideration of this proposal on the House floor."
Among other things, this proposal will include significant structural reforms to solve the unrealistic and unaffordable Biggert-Waters premium rate hikes.