Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement in response to Committee Republicans’ revised flood insurance legislation:

“Though Chairman Hensarling and Committee Republicans have been scrambling to make changes to their flood insurance bill, the affordability challenges facing millions of policyholders remain. The implementation of the Biggert-Waters Act inadvertently led to skyrocketing premiums for homeowners and businesses across the country. As I review the Republican approach, I am concerned that they stand to repeat the very same unintended consequences that I and my colleagues- in an overwhelmingly bipartisan vote – corrected in 2014 with the enactment of the Homeowner Flood Insurance Affordability Act.

“I have repeatedly stated that affordability is my top priority, which is why I must continue to oppose Committee Republicans’ approach. Even with what I understand will be a slightly revised Republican bill, flood insurance premiums and fees would still increase for all policyholders, coverage would still be less available, and cherry-picking by the private sector would be encouraged, putting the government on the hook for the riskiest of policies. And it is important to note that the biggest challenge to the National Flood Insurance Program is its massive debt, which the bill only addresses by charging hardworking Americans more for their flood insurance. That’s just not fair.

“I call on my colleagues to consider the thoughtful, bipartisan process in the Senate as an alternative to this anti-homeowner bill.”

###