A picture of Representative Lynn A. Westmoreland
Lynn W.
Republican GA 3

About Rep. Lynn
  • Temporary Increase in Borrowing Authority for National Flood Insurance Program

    by Representative Lynn A. Westmoreland

    Posted on 2013-01-04

    submit to reddit

    Read More about Temporary Increase in Borrowing Authority for National Flood Insurance Program

    WESTMORELAND. I want to thank the chairman for recognizing me. I just want to say that I support this bill not because I support the increased borrowing that we are doing [[Page H44]] for our flood insurance program of $9.7 billion, but it is a contractual agreement that we owe to these policyholders to pay these claims. It's not their fault that we in the government are not good managers of our money.

    In 1968, when this policy and this program was put into place, it had a borrowing authority of $1.5 billion. It wasn't until Katrina that we raised that borrowing authority up to $20 billion. We still owe $20 billion. We're now raising that borrowing authority to $30 billion. In 2017, which is 4\1/2\ years away, the borrowing authority goes back to $1.5 billion. Now I'm sure we'll address that at 11:59 on September 30 of 2017.

    But I'd like to ask both sides, on both sides of the aisle, let's start working on that now. This cost to the government is $17,063 for every policyholder who has flood insurance. The average premium is about $600. We have paid people 10 and 20 and 30 times for claims that live in the same house in the same floodplain.

    I had an amendment to the flood insurance bill that said if you had two claims due to flood and you did not take the payout, then you would have to pay a rate-based premium. It didn't pass.

    {time} 1040 We've got to get into reality what this flood insurance program is for. It's mandatory. If you have a government-backed loan and you live in a floodplain that's likely to flood in 100 years, you have to have the insurance.

    The SPEAKER pro tempore. The time of the gentleman has expired.

  • submit to reddit
  • Register your constituent account to respond

    Constituent Register