newscongressman robert hurt statement flood insurance hearing
Local

Congressman Robert Hurt statement on flood insurance hearing

Robert_HurtCongressman Robert Hurt (R-Virginia) released the following statement after attending a hearing held by the Financial Services’ Housing and Insurance Subcommittee entitled, “Opportunities for a Private and Competitive Sustainable Flood Insurance Market.”

“Our current government-provided flood insurance system has proven ineffective, inefficient, and costly to taxpayers.  While Congress has been successful in modestly reforming the National Flood Insurance Program (NFIP), we still face a situation where Congress has chosen to solidify NFIP’s broken balance sheet with little hope for it returning from the red.

“The NFIP is $24 billion in debt and as it is currently structured and administered, there is potential for moral hazard.  It is critical that this Subcommittee work to pursue significant reforms that will allow us to chart a new course for the NFIP and put the program on more sound financial footing.  Hard-working taxpayers deserve a federal flood insurance program that is fiscally responsible and responsibly constructed.  We must enhance the program’s integrity, make it self-sustaining, increase private market coverage, and reduce the risk to taxpayers across the nation.

“We cannot continue to settle for the status quo of a flood insurance system, one that crowds out the private sector in order to subsidize insurance premiums for a select few Americans at the expense of the rest of the country.  I look forward to working with my colleagues on Housing and Insurance Subcommittee to reform the NFIP and establish a private, competitive, and sustainable flood insurance market.”

Contributors

Contributors

Have a story idea or a news tip? Email editor Chris Graham at [email protected] Subscribe to AFP podcasts on Apple PodcastsSpotifyPandora and YouTube.

Latest News

andrew duhon
Culture

Wayne Theatre to host New Orleans native Andrew Duhon

commonwealth veterans day event
U.S./World

‘Recognize the sacrifices of our combat-injured servicemembers:’ Legislation would correct red tape

The “Major Richard Star Act would correct an issue preventing disabled veterans from receiving full earned disability compensation and retirement pay.

child at theater
Culture

Court Square Theater expands summer musical theater camp offerings

Court Square Theater is expanding its summer musical theater camp program – offering an additional camp this year so more people can participate.

Culture

Virginia in top 10 of states where taxpayers get best return on investment

mike hollins uva football
Sports

Mike Hollins is the reason to be excited about Virginia football

uva health
Local

Poison Center: THC edibles and the opioid crisis continue upward trend

jeopardy contestant karen morris
Culture

Virginia Tech veterinary student Karen Morris to compete on ‘Jeopardy!’ tonight