Oct 24 2017

Shelby Opposes $16 Billion Flood Insurance Bailout

WASHINGTON, DC U.S. Senator Richard Shelby (R-Ala.) today made the following statement regarding his vote against H.R. 2266, the “Additional Supplemental Appropriations for Disaster Relief Requirements Act of 2017.”  The $36.5 billion disaster aid package includes $16 billion for National Flood Insurance Program (NFIP) debt forgiveness.

“I opposed this disaster relief bill because of the $16 billion bailout it would provide for the National Flood Insurance Program, which is nearly $30 billion in debt.  While I support emergency relief funding, I have consistently opposed bailouts and have openly voiced my concerns with the state of the National Flood Insurance Program.

“Congress needs to have a broader conversation about flood insurance reform.  I could not support this bill in its current form.  Emergency relief funding is critically important, but it should not include a bailout funded by the American taxpayer.  I will continue to advocate and push for the reforms necessary to ensure that the National Flood Insurance Program becomes sustainable.”