Press Release: GNO, Inc. CEO Testifies Before U.S. Senate on NFIP Reauthorization
FOR IMMEDIATE RELEASE: May 4, 2017
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GNO, Inc. CEO Testifies Before U.S. Senate on NFIP Reauthorization
Hecht Testifies in Support of Policies to Reform and Modernize NFIP
New Orleans, La. – Today, GNO, Inc. President and CEO Michael Hecht testified on behalf of the Coalition for Sustainable Flood Insurance (CSFI) before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on the policy priorities that should be included in the reauthorization of the National Flood Insurance Program.
“It is in the national interest to recognize that many communities exposed to flood risk are hubs of energy production, trade, finance, agriculture and other nationally-significant economic and defense activities,” said Michael Hecht, President and CEO of GNO, Inc. “Affordable and sustainable flood insurance is an integral component of ensuring these communities are able to continue their vital contributions to America. Today’s hearing highlighted consensus among a variety of geographic regions and stakeholder groups on what policies should be included in reauthorization, and I am encouraged that we are on track for a successful reauthorization of the NFIP by September 30.”
There are four primary policy areas CSFI has focused on that were highlighted in testimony, which are denoted by the acronym “MMAP”:
Mitigation – A comprehensive approach to reducing flood losses before a disaster occurs is a more effective means to reducing economic loss and protecting taxpayer interests, than ejecting households and businesses from NFIP via unaffordable flood insurance premiums
Mapping – Enhancing the way we assess and communicate risk through improvements to the mapping process will protect communities and the NFIP over the long-term
Affordability – Premiums must remain affordable in order to keep communities across America economically viable
Program Participation – Adopting policies that encourage more people to buy flood insurance will help to bring the program’s costs in line with revenues in a responsible way and help communities recover more quickly following a flood event
A copy of Hecht’s written testimony, which details policy proposals in each of the four subject areas included in CSFI’s framework, can be found here.
GNO, Inc. has led the Coalition for Sustainable Flood Insurance (CSFI), a national alliance of approximately 250 organizations across 35 states. CSFI was formed in the wake of the implementation of the Biggert-Waters Act, when homeowners across the nation were facing skyrocketing rate increases through a combination of the removal of grandfathering and new maps, which often times were inaccurate. CSFI was a driving force behind the passage of the Homeowner Flood Insurance Affordability Act (HFIAA), which was signed into law in March 2014. The NFIP must be authorized before September 30, 2017
About Greater New Orleans, Inc.
GNO, Inc. is the regional economic development organization for Southeast Louisiana. The GNO, Inc. Mission is to create jobs and wealth in the Greater New Orleans community. The GNO, Inc. Vision is for the Greater New Orleans region to fulfill its potential as one of the best places in the country to grow a company, and raise a family.
More information can be found at www.gnoinc.org.