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National Flood Insurance Program Extension Act

Floor Speech

Location: Washington, DC


Mr. DUFFY. I first want to recognize the gentlelady from Illinois (Mrs. Biggert) and the gentlelady from California (Ms. Waters) for their great and hard work on the reauthorization of the National Flood Insurance Program.

While I rise today in support of this short-term extension, I have to be frank and honest and tell you that I am disappointed that we haven't found both Chambers coming together to reauthorize this program for 5 years. What this does is to create uncertainty in the market. For the individual who may have a home in a floodplain or for a community that has many of its pieces of property in a floodplain, without having a long-term bill, it creates uncertainty for them.

It creates uncertainty in the housing market, which has obviously gone through some very strenuous times since the 2008 financial crisis. This legislation, a long-term fix, would help breed certainty in that market as well.

As we look back at last summer, we passed this legislation with both sides of the aisle coming together. It doesn't happen very often. It was one of those great moments in the House where it was a vote of 406 22. Both Republicans and Democrats joined hands in passing this legislation. Now we're just waiting for the Senate to act. It's a bill that's going to save $4.2 billion over the course of 10 years. It includes reforms that are going to save taxpayers money by eliminating unnecessary rate subsidies and encouraging the development of a private flood insurance market.

I support the short-term extension, but I also encourage the Senate to act.


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