Flood Insurance Reform and Modernization Act of 2007

Floor Speech

FLOOD INSURANCE REFORM AND MODERNIZATION ACT OF 2007 -- (Extensions of Remarks - October 05, 2007)

Mr. KENNEDY. Mr. Chairman, I rise in support of the Flood Insurance Reform and Modernization Act which would put the National Flood Insurance Program, an important program to the residents of Rhode Island, back on solid footing. Devastated by the impact of Hurricane Katrina, the National Flood Insurance Program has operated in deficits for over 2 years. This bill authorizes increased funds for the program and includes additional provisions to improve flood plain mapping. Under this legislation, FEMA is required to conduct a review of U.S. flood maps and make the necessary changes to ensure accuracy and comprehensiveness. We owe it to homeowners across the country to provide a fiscally sound insurance policy for natural disasters that create a flood crisis. In my district, the National Flood Insurance Program is essential to economic growth. My home state of Rhode Island saw a 15 percent increase in policy growth to the NFIP as many residents reside in coastal areas that would be threatened by a flood disaster. This bill can give homeowners in my district some peace of mind during storms and violent weather,. Though questions remain over the cost of the optional wind coverage in the National Flood Insurance Program, I support the pending study by the General Accountability Office to investigate the financial viability of the wind program. I applaud Chairman Frank, and congresswoman Waters' efforts to infuse federal dollars back into the National Flood Insurance Program so that it continues to serve as a safety net for victims of future natural disasters. Congress has an obligation to ensure that this program is on sound financial footing and I urge my colleagues to pass this important piece of legislation.

END

Source