WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) today announced that he successfully pushed for the U.S. Senate Banking Committee to hold a hearing on reauthorizing and reforming the National Flood Insurance Program (NFIP). Cassidy worked with the Committee Chairman, Senator Sherrod Brown (D-OH), to schedule the hearing and gather witnesses.
Greater New Orleans (GNO), Inc. President Michael Hecht will testify during the hearing, bringing a Louisiana perspective to the committee.
WHAT: U.S. Senate Banking Committee Hearing on NFIP
WHEN: 10 am ET / 9 am CT, Thursday, January 25
WITNESS: Mr. Michael Hecht, President & CEO of GNO, INC.
LIVESTREAM: Watch Live Here
Background
Last year, Cassidy reintroduced his National Flood Insurance Program Reauthorization Act to reauthorize the program for five years, providing greater stability for homeowners, small business owners, and the real estate market as the nation continues to struggle with inflationary pressures. It will also implement a series of sweeping reforms to reduce costs, make generational investments in communities to reduce flood risk, and establish a fairer claims process for policyholders. He participated in a roundtable hosted by GNO, Inc. and the Coalition for Sustainable Flood Insurance before introducing the bill to hear from community leaders and advocates on the issue.
Cassidy also traveled St. Bernard Parish last August to talk with residents about their flood insurance premiums, resulting in the second episode of his series Bill on the Hill.
Last February, Cassidy delivered a speech on the U.S. Senate floor demanding the Biden administration halt massive hikes to National Flood Insurance Program premiums caused by Risk Rating 2.0. He continues to call out President Biden – who can stop the implementation of Risk Rating 2.0 with the stroke of his pen.
The NFIP-RE Act of 2023 has been met with an outpouring of support including New Orleans Chamber of Commerce President and CEO Sandra Lindquist, Baton Rouge Area Chamber President and CEO Adam Knapp, Home Builders Association of Greater Baton Rouge President and CEO Karen Zito, Greater New Orleans, Inc. President and CEO Michael Hecht, Restore and Retreat Executive Director and State Representative Joseph Orgeron, Lafourche Parish President Hon. Archie Chaisson, III, St. Tammany Corporation CEO Chris Masingill, Terrebonne Levee and Conservation District President Tony Alford, Northshore Home Builders Association Executive Officer Amy Ybarzabal, and National Association of Counties Executive Director Matthew Chase. Here’s what people are saying.
In February 2022, FEMA publicly acknowledged an internal study finding that the implementation of Risk Rating 2.0 to the National Flood Insurance Program (NFIP) could cause 20% of policyholders to drop out of the program due to skyrocketing premiums. Learn more here.
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