Senator Warren Raises Concerns About Implementation of New FEMA Flood Insurance Rules at Senate Hearing
Sen. Warren Urges Congress to Delay New Flood Insurance Rates
WASHINGTON, DC - At a Senate Banking subcommittee hearing Wednesday, United States Senator Elizabeth Warren raised concerns with Federal Emergency Management Agency (FEMA) Administrator Craig Fugate about the implementation of new flood insurance rules.
Senator Warren asked Administrator Fugate about the impact of the new rules on many families in Massachusetts and across the country who have been placed into a flood zone for the first time, and are now being asked to pay thousands of dollars in premiums.
"Many of these homeowners are dealing with new and unexpected costs, many have no good options available to them," said Senator Warren. "One Massachusetts resident wrote to me and said, ‘I'm 70 years old, I live on a fixed income, and I'm unable to pay the proposed flood insurance.' That constituent and many others have said they don't know what to do."
The hearing, held by the Senate Banking Subcommittee on Economic Policy, focused on the implementation of the Biggert-Waters Flood Insurance Act of 2012. Senator Warren supports a one-year delay of the implementation of new flood insurance rates, which would provide time for a smoother transition while the accuracy of new maps is verified.
Video of Senator Warren's remarks and questioning of Administrator Fugate at Wednesday's hearing is available here.