Mr. Speaker, I appreciate the gentleman's courtesy in permitting me to speak on this measure and I appreciate the leadership that has been exhibited by Mr. Frank of Massachusetts, Mr. Oxley, and Mr. Ney. The Committee on Financial Services…
Mr. Speaker, I appreciate the gentleman's courtesy in permitting me to speak on this measure and I appreciate the leadership that has been exhibited by Mr. Frank of Massachusetts, Mr. Oxley, and Mr. Ney. The Committee on Financial Services is trying to get this right. It provides a back drop as the story of Katrina continues to unfold.
Our Republican colleagues are going to put together a critique that is somewhat hard hitting. But the real failure is not just limited to the administration's response and problems with FEMA. The real failure is a much greater policy failure.
Over a long period of time, a variety of circumstances have put people at risk. The tragedy is that we are not better equipped today. There will be another catastrophic natural disaster before we have actually finished the job with Katrina. God forbid that there be a terrorist act on top of it.
Now, this bill provides an opportunity for a simple mid-course correction that would be a longer-term reform of the flood insurance program. As Mr. Frank of Massachusetts mentioned, I have been working on this for the last 6 years officially with some limited success. I understand some of the difficulties and the reluctance, I am pleased that we are making some progress, but it is long past time to be timid. We know what to do. We face a disaster zone from the California coast to the tip of Florida. Drought, flames, storms, a whole mixture of issues are what we are going to be facing. We should be having something on the floor soon like the bill offered by our colleague from Louisiana, Mr. Baker. And for heaven's sake, we need to be trying to look in a comprehensive form to be sure that we do not end up making the same sort of mistakes.
Today we are going to vote on increasing the borrowing authority. It is appropriate. I will vote for it. There is no way that we can have the rate payers absorb these catastrophic events. But I am extremely disappointed that somehow the bill we have before us does not have the measures to include more people to participate in the program, spread the financial risk, make people safer, and make participation mandatory.
In the hearings that took place in the other body this month, there was near unanimous support from groups as wide ranging as the National Taxpayers Union, the Association of Floodplain Managers, the National Wildlife Federation, the Consumer Federation, on and on. They know that we want to reduce or eliminate subsidies for people living in the most hazardous areas and for second homes.
We need to expand the mandatory purchase requirements for people who live behind levees and experience residual risk. We need to fully support FEMA's efforts to update flood plain maps and include areas beyond the hundred-year flood plain.
We finally have implemented the reforms made in the Flood Insurance Act of 2004. I appreciate the hard work that the Financial Services Committee did in putting the spotlight on FEMA and working with our friends in other committees. But we need now for FEMA to promulgate the regulations to implement it, otherwise the reform is meaningless.
We cannot overstate the importance of mitigation. FEMA and the Multi- hazard Mitigation Council just released a report on the benefits of mitigation, which found that for every dollar spent, our government saves an average of $4. The insane system we have here now, however, is that mitigation costs Mr. Obey and costs Mr. Lewis of California hard dollars. If it is in a supplemental, billions of dollars come in and they are off budget and that is easier. We have got to change that as well.
We do ourselves no favors by lowering our sights, tempering our expectations, and failing to do what we know how to do in the best interests of the taxpayer and the people who are in harm's way. Delay will simply mean more lives lost, more property damage. It will cost the taxpayer more money, not under the limits that the Appropriations Committee operates under; but it will be taxpayer money nonetheless.
We continue the cycle of responding after the fact to disasters instead of doing everything beforehand to fulfill our obligations and to act in the best interests of our constituents everywhere.
I echo the words of Mr. Frank of Massachusetts: I hope this is the last time we have legislation of this nature before us. I appreciate the subcommittee's hard work, and I for one will support it today; but I add my voice as someone who will fight like the devil one more suboptimal effort.