Sens. Bill Cassidy (R-LA) and John Kennedy (R-LA) released statements last week maintaining that the House Financial Services Committee legislation extension of the National Flood Insurance Program (NFIP) for five years lacks reforms ensuring sustainability and affordability.
Cassidy and Kennedy are among seven other Senators who have called on the Senate Banking Committee to work towards a long-term solution for the NFIP, outlining five separate reforms needed to ensure it is sustainable and affordable for the thousands of families that depend on the program.
“This proposal is a genuine effort to solve a serious problem, but it lacks reforms needed to ensure the program is sustainable and that families won’t be hit with drastic premium increases,” Cassidy said. “Our first priority should be to make sure this program works for the homeowners that depend on it. I, along with other Senators, are proposing bipartisan policy reforms to make the program sustainable and affordable.”
Kennedy said Louisianans are all too familiar with the fear of unaffordable flood insurance premiums in a program they help financially support.
“While I am happy that Congress is making progress towards a long-term reauthorization, we need reforms to the program as well as a long-term reauthorization,” Kennedy said. “I look forward to the opportunity to vote on proposals that will keep insurance affordable in Louisiana.”