WASHINGTON, D.C. – U.S. Sen. Thad Cochran (R-Miss.) says he is encouraged by the growing momentum for the Senate to consider bipartisan legislation he helped write to stop flood insurance reforms that are having unintended and harmful economic consequences throughout Mississippi and other states.
Cochran met with dozens of local officials and business leaders in Gulfport last Saturday to discuss the effects of implementation of the Biggert-Waters Flood Insurance Reform Act of 2012, which has resulted in unintended skyrocketing National Flood Insurance Program (NFIP) premiums. Yesterday, representatives from the Coalition for Sustainable Flood Insurance were on Capitol Hill to encourage the Senate to soon vote on the Homeowner Flood Insurance Affordability Act (S.1846).
“Mississippians are telling me that something has to be done and I agree with them. I support the reforms we passed to ensure the fiscal solvency for the flood insurance program but some of those reforms need to be refined before they force people off of their property or harm communities irreparably,” Cochran said.
“We have built bipartisan momentum in the Senate to take up our legislation, which would put some flood insurance rate increases on hold until we can have more confidence that FEMA is using credible science to draw its maps and until we better understand affordability.”
Cochran worked with a bipartisan group of eight Senators — four Republicans and four Democrats — led Sens. Robert Menendez (D-N.J.) and Johnny Isakson (R-Ga.) to develop the Homeowner Flood Insurance Affordability Act (S. 1846). The bill has 27 bipartisan cosponsors. Supporters are pushing for consideration of the bill as soon as possible in the Senate.
A number of Mississippi organizations, including the mayors of Natchez, Pass Christian and Waveland, are members of the Coalition for Sustainable Flood Insurance, as are the Mississippi Coast Business Council, Mississippi Gulf Coast Chamber of Commerce, Home Builders Association of Mississippi and Mississippi Association of Realtors.