Senator Bob Corker, a member of the Senate Banking, Housing and Urban Affairs Committee, released the following statement today after voting against S. 1926, the Homeowner Flood Insurance Affordability Act, which he said "delays for over four years much-needed reforms to the National Flood Insurance Program, a program that is already $24 billion in debt."
Senator Corker said, “Just a few months after the new flood insurance rates started to go into effect, rates that actually reflect a more reasonable estimate of the true cost of this federal program, the Senate caved to narrow parochial interests. If we really wanted to address the legitimate affordability concerns of some, we would have passed the Toomey Amendment, which phases in risk-based rates more slowly while providing FEMA and legislators the opportunity to consider and adopt an adequate means-testing program.
We will never solve our nation’s toughest challenges if we can’t even live for a few months within the terms of the small reform measures we actually do put into law.”