Floor SpeechNeutral2025-03-13

Introductory Statement on S. 1015

TaxesTradeHousing

Context

On 2025-03-13, Senator Bill Cassidy (R-LA) delivered a floor speech titled "Introductory Statement On S. 1015" in the Senate. The speech addressed taxes and also covered trade policy, housing. It referenced legislation including S1015, S1745.

Full Text

Introductory Statement on S. 1015

Congressional Record, Volume 171 Issue 48 (Thursday, March 13, 2025) [Congressional Record Volume 171, Number 48 (Thursday, March 13, 2025)] [Senate] [Page S1745] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] By Mr. CASSIDY (for himself and Mr. Kennedy): S. 1015. A bill to extend the National Flood Insurance Program through December 31, 2026; to the Committee on Banking, Housing, and Urban Affairs. Mr. CASSIDY. Mr. President, this is a theme I have been speaking of which affects States across the Nation, which is the National Flood Insurance Program and the threat that it might lapse and the inability of families to be able to afford. Why are flood insurance premiums so high, you might ask? Flood insurance premiums have skyrocketed across the country due to FEMA's new risk assessment system, Risk Rating 2.0. At the heart of the problem of Risk Rating 2.0 is that with much higher premiums, people will quickly be unable to afford coverage and just drop their policies. It is well-known in the insurance actuarial world that when you increase a policy by a certain percent, there is going to be another percent of people who just drop their coverage. That means that the pool of policyholders shrinks, and the program enters into what is called an actuarial death spiral, which is to say the risk, instead of being spread out over many, is concentrated in increasingly fewer people, driving up their premiums even that much more; therefore, more people drop. If we do nothing, the National Flood Insurance Program will collapse. This is important. The National Flood Insurance Program covers 4.7 million American homes across the country. Now, clearly, I am concerned about Louisiana, as that is my State, but it is not just Louisiana or even just a coastal issue. Look at a map of those affected. The States in dark yellow have been hit the hardest by flooding. They have all had at least $1 billion in claims from the National Flood Insurance Program. Missouri--inland--has had over $1 billion in claims from the National Flood Insurance Program, as has my home State of Louisiana. But just go around, and you can see California and Hawaii--all with this issue. Now, 44 States have had at least $50 million worth of claims, and those would be in the kind of mustard color. So here you see again inland States--not coastal but inland--having problems with flooding. When we say a ``problem with flooding,'' we mean there is a family that has lost their possessions. They have lost their home, and now, they don't know where to go. That is what we mean by a ``problem with flooding.'' My message to my colleagues representing States that rely on the National Flood Insurance Program is, let's find a way forward. One day, the National Flood Insurance Program will lapse if we fail to act. Now, we are going to, with this CR, do a temporary--temporary-- extension. I would ask that we actually have a reauthorization and a reform of the National Flood Insurance Program before it is too late. By the way, a short-term extension is better than nothing. I thank Speaker Johnson in the House for including a short-term extension. If that is the only option, let's take that option. However, I am working on a longer reauthorization so that the National Flood Insurance Program is not thrown into a legal purgatory every year or even sometimes multiple times a year. Today, I have introduced a bill to fully reauthorize the National Flood Insurance Program for this year and for next year. There are 4.7 million homeowners across the country who deserve that little bit of certainty, and it does not seem like it is asking too much. Imagine if your homeowners or life insurance was subject to lapsing every year if Congress couldn't get their act together. Well, for families living in communities with the NFIP as the only option for flood insurance, this would be unsettling. In the past 10 years, Congress has passed 32 short-term National Flood Insurance Program extensions. The vote we are taking tomorrow will be the 33rd short-term extension--American families holding their breath 33 times. Families need stability. Businesses need stability. This is the absence of stability. This is a yin and a yang. Congress needs to reauthorize this for an extended period of time. Let's make flood insurance affordable again. I will keep working to do that. I am pleased that the Flood Insurance Program will survive the weekend, but we need to make it survive long term. ______

Referenced legislation: S1015

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Introductory Statement on S. 1015 Congressional Record, Volume 171 Issue 48 (Thursday, March 13, 2025) [Congressional Record Volume 171, Number 48 (Thursday, March 13, 2025)] [Senate] [Page S1745] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] By Mr. CASSIDY (for himself and Mr. Kennedy): S. 1015. A bill to extend the National Flood Insurance Program through December 31, 2026; to the Committee on Banking, Housing, and Urban Affairs. Mr. CASSIDY. Mr. President, this is a theme I have been speaking of which affects States across the Nation, which is the National Flood Insurance Program and the threat that it might lapse and the inability of families to be able to afford. Why are flood insurance premiums so high, you might ask? Flood insurance premiums have skyrocketed across the country due to FEMA's new risk assessment system, Risk Rating 2.0. At the heart of the problem of Risk Rating 2.0 is that with much higher premiums, people will quickly be unable to afford coverage and just drop their policies. It is well-known in the insurance actuarial world that when you increase a policy by a certain percent, there is going to be another percent of people who just drop their coverage. That means that the pool of policyholders shrinks, and the program enters into what is called an actuarial death spiral, which is to say the risk, instead of being spread out over many, is concentrated in increasingly fewer people, driving up their premiums even that much more; therefore, more people drop. If we do nothing, the National Flood Insurance Program will collapse. This is important. The National Flood Insurance Program covers 4.7 million American homes across the country. Now, clearly, I am concerned about Louisiana, as that is my State, but it is not just Louisiana or even just a coastal issue. Look at a map of those affected. The States in dark yellow have been hit the hardest by flooding. They have all had at least $1 billion in claims from the National Flood Insurance Program. Missouri--inland--has had over $1 billion in claims from the National Flood Insurance Program, as has my home State of Louisiana. But just go around, and you can see California and Hawaii--all with this issue. Now, 44 States have had at least $50 million worth of claims, and those would be in the kind of mustard color. So here you see again inland States--not coastal but inland--having problems with flooding. When we say a ``problem with flooding,'' we mean there is a family that has lost their possessions. They have lost their home, and now, they don't know where to go. That is what we mean by a ``problem with flooding.'' My message to my colleagues representing States that rely on the National Flood Insurance Program is, let's find a way forward. One day, the National Flood Insurance Program will lapse if we fail to act. Now, we are going to, with this CR, do a temporary--temporary-- extension. I would ask that we actually have a reauthorization and a reform of the National Flood Insurance Program before it is too late. By the way, a short-term extension is better than nothing. I thank Speaker Johnson in the House for including a short-term extension. If that is the only option, let's take that option. However, I am working on a longer reauthorization so that the National Flood Insurance Program is not thrown into a legal purgatory every year or even sometimes multiple times a year. Today, I have introduced a bill to fully reauthorize the National Flood Insurance Program for this year and for next year. There are 4.7 million homeowners across the country who deserve that little bit of certainty, and it does not seem like it is asking too much. Imagine if your homeowners or life insurance was subject to lapsing every year if Congress couldn't get their act together. Well, for families living in communities with the NFIP as the only option for flood insurance, this would be unsettling. In the past 10 years, Congress has passed 32 short-term National Flood Insurance Program extensions. The vote we are taking tomorrow will be the 33rd short-term extension--American families holding their breath 33 times. Families need stability. Businesses need stability. This is the absence of stability. This is a yin and a yang. Congress needs to reauthorize this for an extended period of time. Let's make flood insurance affordable again. I will keep working to do that. I am pleased that the Flood Insurance Program will survive the weekend, but we need to make it survive long term. ______ Referenced legislation: S1015