Waters Statement on Revised Republican Flood Insurance Bill
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.