Last week Congressman Alex X. Mooney (WV-02) released the following statement regarding the House Financial Services Committee passing major flood reform legislation:
“I was pleased to vote for H.R. 2874, the 21st Century Flood Reform Act, and six other bills aimed at ensuring the National Flood Insurance Program (NFIP) remains viable and available for those who need it most.
The NFIP currently runs an annual deficit of $1.4 billion and is $24 billion dollars in the red to taxpayers. In its current form, it is not sustainable and taxpayers are on the hook. Furthermore, the current program encourages building in high-risk flood areas that put homeowners in danger.
The 21st Century Flood Reform Act embraces free market reforms that will allow the private sector to give consumers real insurance choices and will get the program back on sound financial footing.
The devastating floods in West Virginia in 2016 highlighted the importance of flood insurance for our state. I am proud to support this legislation and look forward to continuing to work with my colleagues to ensure affordable flood insurance remains available to West Virginians,” said Mooney.
The House Financial Services Committee advanced seven bills related to improving and reforming the National Flood Insurance Program. Those bills are; H.R. 1422, H.R. 1558, H.R. 2246, H.R. 2565, H.R. 2868, H.R. 2874, and H.R. 2875.
The National Flood Insurance Program (NFIP), which provides insurance coverage to those at risk, is up for reauthorization in 2017. The NFIP serves approximately 5.1 million residential and commercial policyholders including approximately 18,000 in West Virginia.
