WASHINGTON— U.S. Senators Bill Cassidy, M.D. (R-LA) and John Kennedy (R-LA) today released statements in response to legislation from the U.S. House Financial Services Committee that would extend the National Flood Insurance Program (NFIP) for five years, but lacks the critical reforms to ensure the sustainability and affordability of the program for American homeowners.
“This proposal is a genuine effort to solve a serious problem, but it lacks reforms needed to ensure the program is sustainable and that families won’t be hit with drastic premium increases. Our first priority should be to make sure this program works for the homeowners that depend on it,” said Dr. Cassidy. “I, along with other Senators, are proposing bipartisan policy reforms to make the program sustainable and affordable.”
“While I am happy that Congress is making progress towards a long-term reauthorization, Louisianans are all too familiar with the fear of unaffordable flood insurance premiums in a program they help financially support. We need reforms to the program as well as a long-term reauthorization. I look forward to the opportunity to vote on proposals that will keep insurance affordable in Louisiana,” said Senator Kennedy.
Last month, Cassidy and Kennedy, along with seven other Senators, called on the Senate Banking Committee to work towards a long-term solution for the NFIP, and outlined five separate reforms needed in such a solution, to ensure it is sustainable and affordable for the thousands of families that depend on the program.