Introducing Legislation to Prevent Flood Insurance Price Hikes
Last week, FEMA announced implementation of its new National Flood Insurance Program (NFIP) premium rate structure, also known as Risk Rating 2.0. There are major transparency issues regarding Risk Rating 2.0, and I am very concerned to see FEMA move forward with implementation given that is the case. Some families in Southeastern North Carolina have seen their flood insurance rates increase from $500 a year to more than $4,000 a year for a single home.
In response to this nationwide problem, a few of my colleagues and I introduced legislation that would rescind this increase until FEMA provides clarity and transparency of their process and data input under Risk Rating 2.0. Combined with the 40-year high in inflation and sky-rocketing gas and energy costs, families are paying more for everything. We don't need FEMA piling on another layer of uncertainty for policyholders. Read more about the price increase and my legislation in the WECT article below.
WECT News: FEMA’s Risk Rating 2.0 to cause most insurance premiums to rise
Republican Roundtable on the Energy Crisis
You get less of what you disincentivize, and on the public policy front, tax increases and greater regulatory burdens are the primary culprits that lead to less of any product. That is a fundamental truth that can’t be ignored.
This week, I joined my Republican colleagues on the House Transportation and Infrastructure Committee in a roundtable on the energy crisis. We heard from energy stakeholders who highlighted the challenges they face because of the bad policies unilaterally implemented by the Biden Administration, including pipeline projects that can’t get started in the new regulatory environment this Administration has imposed.
Since revoking the permit for the Keystone XL pipeline on President Biden's first day in office, the Administration has been enacting a number of policies to undermine American energy independence. These actions continue to drive up gas prices, home heating costs, and they increase the world's reliance on oil from Russia and the Middle East.
It’s a farce for the Administration to say there are 8,000 or more leases available on private property when the multiple permits needed to bring those projects online are highly unlikely to be issued.