Summary
The U.S. Senate Committee on Banking, Housing, and Urban Affairs called a hearing entitled “Reauthorization of the National Flood Insurance Program: Local Perspectives on Challenges and Solutions” on January 25, 2024. Witnesses were Mr. Michael Hecht, President & CEO, Greater New Orleans, Inc.; Dr. Daniel Kaniewski, Managing Director, Public Sector, Marsh McLennan; and The Honorable Steve Patterson, Mayor, City of Athens, Ohio.
Hecht discussed the need to reauthorize NFIP – given its benefits to our nation – and the need to reform the program – given FEMA’s administration of Risk Rating 2.0 and its associated impacts. In outlining outstanding concerns over Risk Rating 2.0, incluidng transparency and accuracy concerns, Hecht affirmed that “CSFI will work with all partners – coalition members, Members of Congress, FEMA’s public servants, and all other interested stakeholders – to successfully address challenges with Risk Rating 2.0.” Hecht also underscored CSFI’s reform priorities, like enacting a means-tested affordability program, freezining interest payments and redirecting savigns into a mitigation fund, and requiring a peer-review of the methodology.
