Flood Insurance

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  • Waters Opening Statement at Markup of Capital Markets Bills
    Posted in Press Releases on March 9, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, SEC, Flood Insurance, Markup, International

    Today, at a full Committee markup of six legislative proposals relating to our nation’s capital markets, Representative Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, gave the following opening statement: As Prepared for Delivery Thank you, Mr. Chairman. Today, we will consider a set of legislative proposals designed to improve our nation’s capital markets, which continue to be the envy of the world. One important and long-overdue bill we will consider will provide ... Read more

  • Waters Calls for Bipartisan Reauthorization of The National Flood Insurance Program
    Posted in Press Releases on March 9, 2017 | Preview rr
    Tags: Flood Insurance, Subcommittee on Housing and Insurance

    Today, at a hearing to examine the National Flood Insurance Program (NFIP), Congresswoman Maxine Waters (D-CA)¸ Ranking Member of the Committee on Financial Services, urged Committee Members to swiftly move towards long-term reauthorization, stressing the need for affordable insurance premiums and cancellation of the program’s $24.6 billion debt. As Prepared for Delivery Thank you, Mr. Chairman. Reauthorization of the National Flood Insurance Program (NFIP) is critical. Our housing market has st... Read more

  • GAO Report Underscores Waters’ Criticism of FEMA’s Compensation Methodology
    Posted in Press Releases on January 9, 2017 | Preview rr
    Tags: Flood Insurance, GAO

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement in response to a report published today by the U.S. Government Accountability Office (GAO) discussing the compensation paid to Write-Your-Own (WYO) companies that administer to the National Flood Insurance Program (NFIP). In 2014, Ranking Member Waters called on the GAO to study federal payments to WYO insurers and how they relate to actual expenses incurred by those insurers... Read more

  • ICYMI: Rep. Waters Op-Ed on Forgiving the NFIP Debt
    Posted in In Case You Missed It on October 13, 2016 | Preview rr
    Tags: Flood Insurance

    In a guest column in the Baton Rouge Advocate this week, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, discussed the need for Congress to erase the National Flood Insurance Program’s $23 billion debt so that homeowners and businesses can rely on an affordable and sustainable program to protect them financial in the face of disaster: “I am calling on Congress to forgive the NFIP’s debt so that as we work to reauthorize the program in 2017, we can start... Read more

  • Democrats Reiterate Call for Field Hearing on National Flood Insurance Program
    Posted in Press Releases on September 14, 2016 | Preview rr
    Tags: Flood Insurance

    Today, Reps. Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services; Emanuel Cleaver (D-MO), Ranking Member of the Subcommittee on Housing and Insurance; and Cedric Richmond (D-LA), reiterated their call for Committee Republicans to hold a field hearing in Baton Rouge, La., so that Members can fully understand the devastation from the recent flooding in the area and issues surrounding the National Flood Insurance Program (NFIP) ahead of its reauthorization. The lawmakers sen... Read more

  • Rep. Waters Tours Flood Damage in Baton Rouge, Louisiana
    Posted in Press Releases on August 30, 2016 | Preview rr
    Tags: Flood Insurance

    In the wake of historic flooding in the Baton Rouge, La., area, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services and long-time friend to the Louisiana area, visited the disaster-affected region. Rep. Waters met with local officials as well as affected residents to review the damage, assess the federal government’s response thus far, and understand key issues ahead of the need to reauthorize the National Flood Insurance Program (NFIP) by September 30, 2017... Read more

  • Waters, Cleaver, Richmond Call for Field Hearing on the National Flood Insurance Program
    Posted in Press Releases on August 25, 2016 | Preview rr
    Tags: Flood Insurance

    Today, in the face of the historic flooding in Louisiana, a trio of House Democratic lawmakers called on Republican leadership of the Financial Services Committee to hold a field hearing in Baton Rouge, Louisiana, to examine the government’s response to the recent flooding in that area, and to better inform the Committee as it prepares to consider the reauthorization of the National Flood Insurance Program (NFIP), which is set to expire on September 30, 2017. In the letter to Committee Chairman ... Read more

  • Waters Calls on President Obama to Waive the Cost Sharing Requirements for Disaster Assistance on Flooded Areas in Louisiana
    Posted in Press Releases on August 23, 2016 | Preview rr
    Tags: Flood Insurance

    Following historic flooding in Louisiana and the President’s disaster declaration leaving open the possibility that the state may have to cover 25 percent of public assistance funds, Congresswoman Maxine Waters (D – CA), Ranking Member of the Committee on Financial Services sent a letter to President Obama and called on him to use his authority to provide relief for the state and require the federal government to pay for 100 percent of public assistance. Due to the low take up rates of the Natio... Read more

  • Congresswoman Waters Urges Rethinking Natural Disaster Assistance in the Wake of Baton Rouge Flooding
    Posted in Press Releases on August 19, 2016 | Preview rr
    Tags: Flood Insurance

    Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement in the wake of historic flooding in Baton Rouge, Louisiana: “As the devastating flooding in Baton Rouge, Louisiana demonstrates, too many Americans receive outdated and incorrect signals from the National Flood Insurance Program (NFIP). Only a small fraction of residents who found themselves in harm's way were considered to be in a flood zone and therefore most did not purcha... Read more

  • Pallone, Waters and 21 Colleagues Demand FEMA Provide Oversight of National Flood Insurance Program
    Posted in Press Releases on July 8, 2016 | Preview rr
    Tags: Flood Insurance

    Today, Congressman Frank Pallone, Jr. (NJ-06), Congresswoman Maxine Waters (CA-43), and 21 of their colleagues sent a bipartisan letter asking that FEMA fulfill its legal obligation to provide oversight of the private insurance companies that participate in the National Flood Insurance Program (NFIP). In the wake of Superstorm Sandy and other recent disasters, FEMA and NFIP have faced accusations of incompetence and fraud. A recent PBS Frontline documentary entitled, “The Business of Disaster” e... Read more

  • ICYMI: Frontline and NPR Investigate Flood Insurance Firms’ Compensation
    Posted in In Case You Missed It on May 25, 2016 | Preview rr
    Tags: Flood Insurance, GAO

    On a cold rainy day last fall, dozens of people gathered in a plaza across the street from New Jersey's state Capitol. They held press conferences and slept overnight in lawn chairs. Everyone had come to make the same point: They'd made it through Superstorm Sandy, which hit the shores of New Jersey and New York in October 2012. But three years later, many hadn't made it home. Doug Quinn, a 51-year-old from Toms River, N.J., had been in the plaza for two days. "I should be at home in my house an... Read more

  • Waters Responds to Flood Insurance Rate-Setting Report
    Posted in Press Releases on April 18, 2016 | Preview rr
    Tags: Flood Insurance

    Ranking Member Maxine Waters (D-CA) responded to a Government Accountability Office (GAO) report released today on the Federal Emergency Management Agency’s (FEMA) rate-setting methods under the National Flood Insurance Program (NFIP) and the Agency’s progress in ensuring that full-risk rates accurately reflect flood risk. Waters requested the report in 2014 when Congress was working to address the unintended consequences of premium increases under the 2012 Biggert-Waters Flood Insurance Reform ... Read more

  • Waters Calls for Flood Insurance Debt Relief in Fiscal Year 2017 Appropriations
    Posted in Press Releases on March 23, 2016 | Preview rr
    Tags: Flood Insurance

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee led 32 colleagues in a letter calling on Congress to forgive $23 billion in debt at the National Flood Insurance Program (NFIP) during the fiscal year 2017 appropriations process. “The NFIP’s current debt is the direct result of Congressional design and it is time that Congress takes responsibility for it,” the Members wrote. The NFIP is funded by insurance premiums and fees paid by policyholders.... Read more

  • Waters Responds to Flood Insurance Affordability Reports
    Posted in Press Releases on March 10, 2016 | Preview rr
    Tags: Flood Insurance

    Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, responded to two separate reports released today from the Government Accountability Office and the Federal Emergency Management Agency on flood insurance affordability and options for providing assistance to policyholders. Waters requested the GAO report in 2014 after FEMA failed to complete a congressionally-mandated affordability study. As a result, when FEMA increased premiums pursuant to the 2012 Bi... Read more

  • Waters to FEMA: Flood Insurance Premiums Are a Top Concern of Mine
    Posted in Press Releases on February 11, 2016 | Preview rr
    Tags: Flood Insurance

    Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter to Craig Fugate, Administrator of the Federal Emergency Management Agency (FEMA), urging him to provide Congress a robust affordability framework in a timely manner so that proposals can be considered ahead of the 2017 reauthorization of the National Flood Insurance Program (NFIP). Ranking Member Waters’ letter comes as the National Academy of Sciences (NAS) recently completed its affordability s... Read more

  • Waters Encouraged by HR. 2901 Discussions, but Concerns Remain
    Posted in Press Releases on January 13, 2016 | Preview rr
    Tags: Flood Insurance, Speeches and Committee Statements

    At today’s Financial Services Committee hearing entitled, “How to Create a More Robust and Private Flood Insurance Marketplace,” Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, discussed private sector involvement in the flood insurance market. Ranking Member Waters was encouraged by the discussion to improve the Flood Insurance Market Parity and Modernization Act, H.R. 2901, but underscored some concerns she has, while advocating for a bipartisan bill ... Read more

  • Leading Financial Services Democrats Continue to Examine Federal Commitment to Post-Katrina New Orleans
    Posted in Press Releases on November 6, 2015 | Preview rr
    Tags: Flood Insurance, HUD, Speeches and Committee Statements

    Financial Services Committee Democrats, led by Ranking Member Maxine Waters (D-CA), participated in a Subcommittee field hearing, requested by Democrats, held today at the Port of New Orleans to commemorate the 10-year anniversary of Hurricane Katrina and review Federal efforts to support the City’s recovery. Several officials participated in the day’s events, including Housing and Insurance Subcommittee Chairman Blaine Luetkemeyer (D-MO), Subcommittee Ranking Member Rep. Emanuel Cleaver (D-MO),... Read more

  • Flood Insurance Relief for Thousands Becomes Law
    Posted in Press Releases on March 21, 2014 | Preview rr
    Tags: Flood Insurance

    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 Fe... Read more

  • Senate Passes Flood Insurance Reform, Heads to President for Signature
    Posted in Press Releases on March 13, 2014 | Preview rr
    Tags: Flood Insurance

    In an overwhelmingly bipartisan vote of 72-22, today the U.S. Senate approved comprehensive legislation designed to end unaffordable flood insurance rate hikes. Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, lauded passage of H.R. 3370, the Homeowner Flood Insurance Affordability Act. For months, Waters led a Democratic effort to provide homeowners with important flood insurance rate relief and to bring accountability to the Federal Emergency Manage... Read more

  • Comprehensive Flood Insurance Legislation Passes House
    Posted in Press Releases on March 4, 2014 | Preview rr
    Tags: Flood Insurance

    In an overwhelmingly bipartisan vote of 301-91, today the U.S. House of Representatives passed comprehensive legislation designed to end unaffordable flood insurance rate hikes. Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today lauded passage of H.R. 3370, the Homeowner Flood Insurance Affordability Act. For months, Waters led a Democratic effort to provide homeowners with important flood insurance rate relief and to bring accountability to the F... Read more

  • Waters, Richmond Endorse Bipartisan Flood Insurance Legislation
    Posted in Press Releases on March 4, 2014 | Preview rr
    Tags: Flood Insurance

    Following weeks of negotiations between members of the House of Representatives and the U.S. Senate, Congresswoman Maxine Waters (D-CA), top Democrat on the Financial Services Committee and Congressman Cedric Richmond (D-LA) today threw their support behind comprehensive legislation designed to end unaffordable flood insurance rate hikes. For months, Waters led a Democratic effort to provide homeowners with important flood insurance rate relief and to bring accountability to the Federal Emergenc... Read more

  • GOP, Waters Reach Deal on Flood Bill
    Posted in In Case You Missed It on March 4, 2014 | Preview rr
    Tags: Flood Insurance

    Reforms to flood insurance approved by Congress in 2012 would be scaled back under a deal reached Monday by House Republicans and Democrats. The rare bipartisan deal, which GOP leaders plan to bring to the floor for a vote on Tuesday, responds to complaints from flooded-out constituents who said the 2012 law would require them to pay much more for federal flood insurance. But the deal, which GOP leaders made with Rep. Maxine Waters (D-Calif.), will face criticism from the right. Conservative gro... Read more

  • Waters Cites Progress in Flood Insurance Discussions
    Posted in Press Releases on February 28, 2014 | Preview rr
    Tags: Flood Insurance

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released the following statement on the progress of negotiations with GOP leader Eric Cantor regarding legislation to address rising flood insurance premiums. "We have made important progress on legislation that will provide relief to those facing unaffordable flood insurance premiums. I continue to work with Leader Cantor to finalize the details of this important bill. We are taking this matter ... Read more

  • Divided Republicans Turn to Rep. Waters
    Posted in In Case You Missed It on February 26, 2014 | Preview rr
    Tags: Full Committee, Flood Insurance

    A politically fraught fight over flood insurance has prompted a split between the House Republican leadership and a top committee chairman, forcing senior GOP lawmakers to bargain for votes instead with liberal Rep. Maxine Waters (Calif.), the panel’s top Democrat. GOP leaders have struggled to gain enough support to pass a House alternative to flood insurance legislation the Senate approved last month, and Majority Leader Eric Cantor (R-Va.) told members in a closed-door conference meeting he w... Read more

  • As Discussions Continue on Flood Insurance, No Deal Yet
    Posted in Press Releases on February 24, 2014 | Preview rr
    Tags: Flood Insurance

    As Republicans in the House of Representatives release legislation intended to address dramatic flood insurance premium increases, Congresswoman Maxine Waters (D-CA), a leader of the effort to stop the problem, expressed her concerns with the legislation as currently written. “Although there have been productive conversations with Republican leadership, I still have significant concerns that the measure will not provide the necessary relief to those facing skyrocketing flood insurance premiums,”... Read more



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