Greater Irvine Chamber Supports Taxpayer-Protection Measure, Reauthorization of National Flood Insurance Program
Monday, June 26, 2017
The U. S. House of Representatives Financial Services Committee on June 21 approved a taxpayer-protection measure (H.R. 1558) related to the reauthorization of the National Flood Insurance Program (NFIP).
The Greater Irvine Chamber joined a coalition to support the bipartisan bill, introduced by Congressman Ed Royce (R-Brea) and Congressman Earl Blumenauer (D-OR), with Congresswoman Mimi Walters (R-Irvine) and Congressman Darrell Issa (R-Vista) playing important roles as co-sponsors.
H.R. 1558, the Repeatedly Flooded Communities Preparation Act, will help protect taxpayers and ensure local control by requiring communities with a history of repeated flood claims to identify local opportunities and mitigation measures that would better protect those properties.
As of January 2016, more than 150,000 structures around the country were classified as repeat flood loss proprieties by FEMA. NFIP is nearly $25 billion in debt, half of which come from loses by repeatedly flooded properties, calling into question whether the program will be able to continue to assist those in need.
“The bill will provide financial stability to NFIP by addressing the issue of repetitive flood losses. While repeatedly flooded properties are a small fraction of all NFIP policies, they represent a disproportionately large share of losses paid, and the problem continues to grow,” said Whit Peterson, director of Government Affairs, Greater Irvine Chamber.
In order to become law, the bill still needs to be passed by the House and Senate, and signed by the President.
For more information about the Greater Irvine Chamber Government Affairs, contact Whit Peterson.
Category: chamber news