On Air Capital Markets Subcommittee | 2128 Rayburn HOB

A Taxpayer Dike for Flood Insurance

June 23, 2017 A classic example of government dysfunction is a federal insurance program that helps pay to drain basements in millions of America’s second homes. Congress has tried for decades to fix the national flood insurance program, and the latest worthy attempt is coming from the House. The Financial Services Committee recently passed bills updating the Federal Emergency Management Agency’s (FEMA) flood insurance program, which runs out of money on Sept. 30. The 1968 program insures more t...

Committee Completes Markup of Bills to Reauthorize and Reform National Flood Insurance Program

The House Financial Services Committee met today to complete deliberation of and pass several measures to reform and reauthorize the National Flood Insurance Program (NFIP), which is set to expire on September, 30, 2017. “While we have a responsibility to provide certainty to the homeowners and small business owners who rely on the NFIP for protection, we must also ensure that the program protects the interests of hardworking taxpayers,” said House Financial Services Committee Chairman Jeb Hensa...

Committee Passes First Round of Flood Insurance Bills

The House Financial Services Committee met today to begin consideration of several measures to reform and reauthorize the National Flood Insurance Program (NFIP), which is set to expire on September 30, 2017. “We cannot continue to call on the American taxpayer to bailout a program that is currently drowning in $25 billion of red ink and suffers a $1.4 billion annual actuarial deficit,” said Financial Services Committee Chairman Jeb Hensarling (R-TX). “These bills put the National Flood Insuranc...

Hensarling: Voice of the Taxpayer Must Be Heard in Flood Insurance Debate

House Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement today about the seven bills the committee is considering related to the National Flood Insurance Program: There are so many important voices in our debate today on the reauthorization of the National Flood Insurance Program. Certainly the homeowners who have relied on this program -- theirs is a very important voice because we go to their homes and we go to their household finances. Theirs...