Marino introduces legislation to repeal Biggert-Waters

January 7, 2014

For Immediate Release
January 7, 2014

Washington, D.C. – Today, U.S. Representative Tom Marino introduced new legislation to fully repeal all policy aspects of the Biggert-Waters Flood Insurance Reform Act of 2012.

Marino’s bill repeals language in Biggert-Waters that has unintentionally led to dramatically increased premiums, but maintains funding for the National Flood Insurance Program (NFIP) through September 30, 2017.

“When Biggert-Waters was enacted, no one anticipated rates would increase so drastically,” Marino said.  “The Federal Emergency Management Agency was required by law to report to Congress on the affordability of implementation decisions but it failed to do so.  FEMA also failed to warn buyers of such rate increases ahead of time.”

“This legislation will protect homeowners from overly burdensome premiums.  We need to put NFIP back on a path to solvency but we cannot do it on the backs of hardworking, middle class taxpayers,” Marino said. “Moving forward with new legislation will balance the financial viability of this vital program with the economic realities of the lower and middle class homeowners.”

Marino is a co-sponsor of three additional bi-partisan bills relating to the delay of flood insurance premium increase; the Flood Insurance Implementation Reform Act of 2013 introduced by Rep. Cedric Richmond (D-LA), the Homeowner Flood Insurance Affordability Act of 2013 introduced by Rep. Michael Grimm (R-NY) and the Flood Insurance Relief and Transparency Act of 2013, introduced by Rep. Bill Cassidy (R-LA).

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