Press Releases

“Communities across the 4th Congressional District have raised strong concerns with me about the impact of the Biggert-Waters Act.  Legislation passed by the U.S. House Tuesday night (H.R. 3370) will address the dramatic and unintended negative effect of significantly reducing property values both for those in and close to a floodplain.

When Biggert-Waters was enacted, no one anticipated property values could decrease so drastically. The Federal Emergency Management Agency (FEMA) was required by law to report to Congress on the potential impacts of implementation - but failed to do so.  FEMA also failed to warn buyers of such decreases ahead of time. The end result became homes that were unaffordable for many existing homeowners and nearly impossible to sell. The consequences of this law were becoming a clear abuse of government authority.

The National Flood Insurance Program (NFIP) is about $25 billion in debt. I would’ve preferred to see a bill that included more structural reforms to put the NFIP back on a path to solvency and more accurately reflect the true flood risk of properties. But I have to vote on the bills in front of me and this legislation largely balances the NFIP’s financial viability with the economic realities facing homeowners in our communities. While the House bill was imperfect it made some structural reforms that were completely lacking in the Senate bill that would have become law had we done nothing. This bill aims to reach market-based rates; however, it also institutes caps so the jump from prior rates and market rates is a slow, gradual one. The bill also ensures that owners of vacation homes and properties that have repeatedly flooded would pay premiums at a level consistent with their real risk of flooding.

H.R. 3370 effectively provides a solution to potential property value decreases that will have a significant impact on 4th district property owners and communities, while maintaining a focus on the long-term viability of the NFIP.”