Memorializes Congress to review and amend or revise the Biggert-Waters Flood Insurance Reform Act of 2012.
Impact
One of the critical impacts of SR114 is the proposed requirement for the Federal Emergency Management Agency (FEMA) to revise its flood-risk maps. These maps currently classify many properties, even those protected by local infrastructures, as high-risk because of inadequate federal assessments. By calling for a revision that would take into account local measures such as levees and floodgates, the resolution aims to prevent an influx of new financial burdens on property owners and businesses already affected by previous flood-related disasters.
Summary
Senate Resolution 114 seeks to memorialize the United States Congress to amend the Biggert-Waters Flood Insurance Reform Act of 2012. This resolution affects the National Flood Insurance Program, specifically focusing on the provisions that phase out subsidized flood insurance rates. The bill argues that these phase-outs can lead to dramatic increases in flood insurance premiums — up to 25% annually based on the properties, which could ultimately render flood insurance unaffordable for many individuals and businesses, particularly in coastal areas. The potential economic consequences of such legislation are particularly alarming for communities in Louisiana and other vulnerable states.
Sentiment
Overall, the sentiment surrounding SR114 presents a strong advocacy for the interests of coastal communities at risk of economic hardship due to the Biggert-Waters Act. Supporters argue that immediate congressional action is necessary to stave off financial disasters, while opponents may question the scalability and feasibility of proposed changes by FEMA. Nevertheless, the resolution enjoys support across various sectors concerned with ensuring the sustainability of flood insurance programs and protecting local economies.
Contention
The notable points of contention include the perceived urgency of amending the Biggert-Waters Act to prevent undue delay in its financial implications on affected communities. Critics of the current flood insurance reforms express worry that failing to act quickly may lead to devastating consequences for home and business values in vulnerable areas, such as those that experienced significant damage from Hurricane Sandy. The resolution ultimately calls attention to the broader issue of how federal policies align with local realities in flood management.
Memorializes Congress to prevent unnecessary and unintended harm to coastal communities, individuals, and businesses by immediately amending the Biggert-Waters Act and mandating revision of FEMA flood-risk maps.
Memorializes the United States Congress to end Risk Rating 2.0 and to take certain other necessary actions to alleviate the financial burden of flood insurance