National Flood Insurance Program Further Extension Act Of 2018
Mr. Speaker, I thank the chairman and the subcommittee chairman, Mr. Duffy, for his efforts, too, in trying to provide significant reforms. I support their efforts in opposing this additional reauthorization of the National Flood Insurance…
Mr. Speaker, I thank the chairman and the subcommittee chairman, Mr. Duffy, for his efforts, too, in trying to provide significant reforms. I support their efforts in opposing this additional reauthorization of the National Flood Insurance Program.
We have done this eight times in just over the year, and what have we gotten in return? Some would say nothing. I would say, no, it has been worse than nothing. You see, we forgave $16 billion in debt and got no reforms in response to that.
Now the NFIP is $20 billion in debt again, yet we look at: Oh, but it is just $20 billion.
In over 13 years, the interest on that is $5 billion. When are we going to stop this insanity?
More disturbing, however, Mr. Speaker, is this House's failure to stand up to even the most modest technical reforms that would benefit the program.
During my time in this body, I have been proud to champion one such bill, the Private Flood Insurance Market Development Act.
To me, it defies logic that this coequal Chamber would pass a bill unanimously through the authorizing committee this Congress and then unanimously through the whole House in the last Congress and, yet, abandon its opportunities every time thereafter.
My legislation is simple. It is a technical correction that will facilitate the growth of a private market alternative to the drowning national program that we have today. It is bipartisan. It is desperately needed.
Yet, here we are again with a clean reauthorization that makes no progress and no promises that tomorrow will be any different. That, Mr. Speaker, is a shame. It is a shame that we have once again folded in the face of unjustified inaction.
When does it end? When do we say enough is enough?
Mr. Speaker, I do not want to shut down the NFIP. We don't need to. All we need to do is for the Senate to accept just one of the many eminently reasonable pieces of legislation that the House has passed, to be included alongside the short-term extension. Even the simplest reform would indicate that the Senate is serious about coming to the table to negotiate a long-term reauthorization.
Anything would be better than the hollow promises this clean extension puts before us today.
Mr. Speaker, I urge my colleagues to vote ``no'' on this legislation.