WASHINGTON – Congressman Steven Palazzo (R-MS), today released the following statement praising advancement of a flood insurance provision added to the Senate version of the FY 2014 Homeland Security Appropriations bill passed on the Subcommittee level. The Senate language follows House-passage of a Palazzo provision in June, which would essentially delay flood insurance rate increases for a year by blocking implementation of Section 207 of the Biggert-Waters Flood Insurance Reform Act.
Palazzo released the following statement: “These provisions delaying flood insurance increases are the result of a serious bipartisan, bicameral effort to address issues with NFIP changes scheduled to take place later this year. I am glad to see this provision making progress in the Senate. We must keep working to ensure the flood insurance program remains solvent while enacting changes in a compassionate way that doesn’t punish policyholders facing steep rate increases under the current law.”
Palazzo’s provision passed overwhelmingly by a vote of 281-146 in the House of Representatives in June, and had the support of the National Association of Realtors, the American Bankers Association, and the National Association of Home Builders.
