Toomey: Slow Phase-In of Flood Insurance Rate Increases
FOR IMMEDIATE RELEASE: Jan 29, 2014
Contact: E.R. Anderson (202) 224-8609
Or Steve Kelly (717) 782-3951
SEN. TOOMEY: SLOW PHASE-IN FOR FLOOD INSURANCE RATE INCREASES
WASHINGTON, D.C. – U.S. Senator Pat Toomey (R-Pa.) today issued the following statement regarding an amendment he plans to offer which will assist Pennsylvania homeowners, policy holders, and communities with flood insurance premiums and remapping.
"As the Senate debates reforms to the National Flood Insurance Program, we need a balanced approach to assist Pennsylvania homeowners, policy holders, and communities struggling to meet the rates established as a result of Biggert-Waters. That’s why I am offering a measure which will slow the phase-in for rate increases triggered by a home sale and for properties most dramatically affected by remapping.
"In addition to protecting taxpayers, my balanced proposal provides certainty for homeowners, policy holders, and communities. At the same time, slower phase-ins provide the opportunity for affected homeowners in our Commonwealth and across the country to prepare for the future cost of flood insurance."
"The National Flood Insurance Program is $24 billion in debt and reforms are necessary to ensure its financial solvency, so to pass legislation which simply ignores this debt and just kicks the can down the road another four and a half years is irresponsible.
"The prospects for enactment of the Menendez bill are nil with President Obama, Speaker Boehner, and Chairman Hensarling all voicing concerns regarding this approach. If the Senate insists on moving a bill that the House can’t pass and the President won’t sign, we will be back to square one."
Sen. Toomey’s amendment has been endorsed by the following groups:
American Consumer Institute Center for Citizen Research
Americans for Prosperity
Americans for Tax Reform
Citizens Against Government Waste
Coalition to Reduce Spending
Cost of Government Center
National Taxpayers Union
National Wildlife Federation
Natural Resources Defense Council
R Street Institute
Taxpayers for Common Sense
Taxpayers Protection Alliance
U.S. Senator Pat Toomey
228 Walnut St.- Suite 1104
Harrisburg, PA 17101