18 July 2012 0 Comments

Senator Pat Toomey Exposes the Cost Flood Insurance in the Highway Bill

The Senate passed a bill this week to reauthorize highway spending and flood insurance, but I helped remove a new mandate from the bill that could have cost Pennsylvanians millions of dollars. (Note: this bill was passed in the Republican controlled House).

Sen. Toomey speaks on the Senate floor about the flood insurance bill  Wednesday, June 27, 2012   A full transcript of the senator’s remarks is below:

“Thank you, Madam President.

“I rise to address the same point that – same topic that’s been under discussion this afternoon by Sen. Pryor and Sen. Hoeven and others. And I really strongly share the concern that they have registered.

“I think we have seriously flawed legislation in the form of this flood insurance reauthorization bill, and I think we’re kind of compounding our problem by apparently inserting this into a transportation conference report rather than doing what we ought to do (in) the Senate, which is, let’s have a debate about flood insurance.

“I think this easily qualifies as a sufficiently important and substantive topic that we ought to bring it to the floor under regular order and consider the underlying policy, including the profound change in policy that’s contemplated by the underlying bill, and a very important amendment that Sens. Pryor and Hoeven have provided the leadership on, and which I’m a cosponsor of, which I think absolutely deserves a vigorous debate and I would like to see passed.

 

One of the many concerns I have about what we’re doing now is we’re taking this flood insurance bill and apparently some are considering this bill to be at least a partial offset to some of the expenditures contemplated in the transportation bill

So I don’t understand how that nets out to a source of net revenue that can be spent somewhere else. How many times can we spend the same money?

“The insurance premiums that are collected are supposed to be collected to honor the liabilities that the federal government’s taking on by virtue of this program. So how can it also go to pay out for transportation projects? I don’t understand that.

“I also think that there’s a real fundamental problem that Sens. Pryor and Hoeven have addressed, and that is this huge expansion of this mandate. We have in this underlying bill a federal mandate that forces people to buy homeowner insurance. And it forces a new category of people to buy homeowner flood insurance and the new category are those people who live behind a levee or a dam.” [emphasis added] READ MORE SEN.TOOMEY’S COMPLETE REMARKS  27 JUNE 2012

 

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