SMARTERSAFER.ORG: FLOOD INSURANCE REFORMS SHOULD BE MODIFIED – NOT ABANDONED

 

Coalition Says Senate Vote to Delay Biggert-Waters Will Endanger Financial Stability of National Flood Insurance Program

WASHINGTON – SmarterSafer.org – a coalition of environmental groups, taxpayer advocates, insurers, and housing and mitigation organizations – today released the following statement in response to a Senate vote to delay flood insurance reforms under the Biggert-Waters Flood Insurance Reform Act:

“Today’s vote further underscores the need to modify, rather than abandon, badly needed reforms to the National Flood Insurance Program. The Senate bill not only fails to address the $24 billion the National Flood Insurance Program owes to taxpayers – it saddles the program with another $2.1 billion in debt. Fortunately, Speaker Boehner has indicated that he believes modifications to the program – rather than shortsighted delays – is the better way to help Biggert-Waters work for both homeowners and taxpayers. We look forward to working with the Speaker as the House considers its own bill to responsibly reform NFIP in the weeks ahead.”