Tuesday, January 27, 2015

Vitter: Obama's Climate agenda threatens flood insurance prices for Louisianians

We can expect to see more of this. From Insurance News Net: Today, Sen. David Vitter (R-La.), Chairman of the Small Business & Entrepreneurship Committee, sent a letter to President Barack Obama, regarding the Administration's recent efforts to develop expansive new federal floodplain management standards based on preconceptions in the President's Climate Action Plan. The Obama standards could drastically change floodplain maps, which would inevitably affect flood insurance rates.

"Before President Obama begins to meddle with floodplain standards, we need an open dialogue with those directly impacted by flooding and infrastructure development," said Vitter. "The worst part - the Administration's plans could unnecessarily drive up flood insurance rates on small businesses and others across Louisiana who rely on affordable flood insurance, as well as increase the costs to other funded infrastructure projects."

Vitter has extensively fought to lower flood insurance prices. Last year, Vitter helped pass a flood insurance fix bill to protect against unaffordable rate increases. He's also been working to get the Federal Emergency Management Agency (FEMA) to reduce administrative costs of the National Flood Insurance Program (NFIP) and to increase participation in the program. According to the NFIB, nearly 40% of small businesses remain closed following a flooding disaster.

Last year, Vitter led efforts to pass the Water Resources and Reform Development Act (WRRDA) into law. As the lead Senate Republican on the conference committee who negotiated the final legislation, Vitter ensured that the bill included improved funding mechanisms to assist with flood control. In recent years, Vitter has also secured funding for flood control measures in Louisiana, enabling local officials to make key infrastructure improvements to better protect Louisianians....

Image from a 1973 flood in Pierre Part, Louisiana. National Archives photo

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