WASHINGTON – In the evening of Feb. 12, U.S. Rep. Frank LoBiondo (R-2nd) announced that the full House will vote in February on new flood insurance legislation to address increase in many premiums mandated under the Biggert-Waters Flood Insurance Reform law. That new bill would “meld provisions from the previously-introduced legislation by Reps. Michael Grimm, (NY-11th), and Maxine Waters (CALIF-43rd) which LoBiondo and Rep. Bill Pascrell (D-9th) co-sponsored, and proposals from Rep. Bill Cassidy (LA-6th).
“The new legislation would also permanently remove the home sale rate increase trigger for homeowners looking to sell, thus providing certainty to the real estate market,” stated LoBiondo in a release.
Details of the new legislation will be released once the Congressional Budget Office scores the cost of the bill and its impact. The House bill is focused on recalculations of premiums, not the simple, four-year delay passed by the Senate. Under the Senate bill, Congress would have to again address this issue in four years, the House will move to address it now to create certainty for homeowners and stability in real estate markets.
House Majority Leader Eric Cantor (VA-7th) also released the following Feb. 12:
“The House will consider a modified version of the Homeowner Flood Insurance Affordability Act the week of Feb. 24,” he stated, and thanked 11 members, including LoBiondo, “for their hard work and leadership on this important issue. The Senate bill irresponsibly removes much needed reforms and imposes additional costs on taxpayers,” he stated.
“The House will act to protect the flood insurance program but also protect homeowners from unreasonable and unrealistic premium increases.” He noted text of the proposed legislation would be available “at a later date.”
“To say reaching this point wasn’t a Herculean battle would be an understatement,” stated LoBiondo, “But it was achieved by the united bipartisan effort on behalf of the millions of homeowners affected, including thousands living in South Jersey.
“While the new legislation may not be what we all wanted or what I introduced last year, this is the best compromise possible for a great majority of homeowners facing the real threat of excessive increases,” the congressman continued.
“I deeply appreciate the partnership of (Pascrell) …throughout this flood insurance fix and the Sandy aid funding fight. I am especially thankful of Majority Leader Cantor’s determination and commitment to finding a result to this national problem,” LoBiondo stated.
“This deal will allow homeowners in flood-ravaged communities across northern New Jersey to avoid skyrocketing insurance costs that otherwise would have been simply unbearable,” stated Pascrell in the release.
“With the unintended consequences of the Biggert-Waters Act resolved, homeowners can focus on rebuilding their lives instead of worrying about losing their homes. I’m proud to be part of this bipartisan, commonsense fix and look forward to swift passage on the House floor.”
LoBiondo has, for several months, “been part of a task force supported by the House Republican leadership charged with finding a common-sense solution. There have been several lengthy meetings, including the final session on Feb. 11 in Majority Leader Cantor’s office to hammer out a compromise that can be supported by a broad bipartisan group.
Details of the new legislation will be released late in the week of Feb. 17-21. The bill will be on the House suspension calendar the week of Feb. 24, “thus unable to be amended on the floor and requiring two-thirds of those voting for passage,” the release stated.
Democrat William Hughes Jr., who intends to run against LoBiondo in the November election, told the Herald he believed the explanation given by LoBiondo’s deputy chief of staff regarding LoBiondo’s vote against the flood insurance premium was incorrect.
The report of the procedural vote was correct, said Jason Galanes, LoBiondo’s deputy chief of staff Feb. 13.
Hughes said it was the third time LoBiondo had cast a vote against flood premium relief.
To verify the above, readers may want to see what Minority Leader Pelosi’s website states about voting to defeat the Previous Question, which were those three votes.
http://www.democraticleader.gov/113pq
“We can do better than this,” said Hughes, as the reason he is seeking the congressional seat.
Cape May – Governor Murphy says he doesn't know anything about the drones and doesn't know what they are doing but he does know that they are not dangerous. Does anyone feel better now?
