National Flood Insurance Program Extension Act of 2010
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Mr. CAO. I thank the gentleman from California for yielding me this time.
Mr. Speaker, I rise today in support of H.R. 5569 to focus attention on an important issue that has left our constituents financially and economically vulnerable. The National Flood Insurance Program, NFIP, has lapsed for the third time this year, meaning that life decisions have to be put on hold, leaving our constituents to wait out congressional action.
When I was in New Orleans over the weekend, a constituent came up to me and sadly stated: I could not sell my home because the buyer could not purchase flood insurance.
Today, I also read in the U.S. News and World Report that home sales have slipped 2 percent in May, even though Federal stimulus efforts kept real estate transactions artificially elevated. One of the contributing elements is the lapse in the NFIP. Many potential sales are being delayed by an interruption in the National Flood Insurance Program, according to the National Association of Realtors.
Mr. Speaker, the most recent NFIP lapse couldn't have come at a worse time. As we deal with the worst oil spill in history, we are facing what is predicted to be an active hurricane season along the gulf coast. Now, more than ever, we need to be supporting our constituents during these difficult times.
Many of the fishermen and others who have had their livelihoods turned upside down because of the oil spill also live in flood-prone areas. Therefore, we must act not only to extend this program in the short term but ensure that in the future communities devastated by the oilspill will have affordable access to insurance.
That is why on Thursday I introduced H.R. 5553 that would extend the NFIP for 3 years and would include a sense of Congress that the program should not expire again. This extension would remove uncertainty and would show our desire to see real reform to an inefficient program.
I appreciate the gen tle lady from California's, Maxine Waters, attention to this important issue, and I hope that we can work together in reforming this critical program for both of our people in the future.
I urge my colleagues to support H.R. 5569.
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