Flood Insurance Relief for Thousands Becomes Law
Reform legislation signed today by the President
Today, President Barack Obama signed into law comprehensive legislation designed to end unaffordable flood insurance rate hikes. Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded the enactment of H.R. 3370, the Homeowner Flood Insurance Affordability Act into law.
For months, Waters led a Democratic effort to provide homeowners with flood insurance rate relief and to bring accountability to the Federal Emergency Management Agency (FEMA). The measure passed the House on March 4 and the Senate on March 13.
She released the following statement:
“Today, many months of hard work, negotiation and bipartisan compromise have culminated in a law that will end skyrocketing flood insurance costs for hundreds of thousands of homeowners. Though the measure isn’t perfect, it ensures there will be no more dramatic rate increases for families currently facing unaffordable premiums.
Today, relief has arrived for countless middle class families who have been suffering. Today, premiums will begin to revert back to sensible levels, with those who have overpaid receiving a refund. Today, Democratic members of Congress have made good on a promise to ensure that the cost of flood insurance will never again undercut anyone’s ability to buy, sell, or remain in their home.
I would like to thank all of my colleagues who have worked collaboratively on this legislation. And I’d like to thank those families who for months have suffered under the threat of these rate hikes. Families who were already struggling to make ends meet. Homeowners living on a tight budget. Seniors living on fixed incomes. Thank you for your tireless efforts, your resolve and for standing up and letting your voice be heard. ”
As a coauthor of the Biggert-Waters legislation, Congresswoman Waters worked to address the unintended consequences of the law, spearheading bipartisan, bicameral legislation that passed the Senate and garnered the support of more than a majority of the House of Representatives. Over the past several weeks, Waters and other Democrats worked with Republican leadership to craft an alternative measure that can garner the support of Congress and also achieve affordability.