Menendez Fights for Superstorm Sandy Victims in Two Senate Hearings (Videos)

Menendez Fights for Superstorm Sandy Victims in Two Senate Hearings (Videos)

As one-year anniversary of Sandy nears, Senator questions leaders about rising flood insurance premiums

WASHINGTON, DC - U.S. Senator Robert Menendez, Chairman of the Senate Banking Committee's Subcommittee on Housing, Transportation, and Community Development, today stood up for Superstorm Sandy victims at two Senate Banking Committee hearings and questioned Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development (HUD) and Craig Fugate, Administrator of the Federal Emergency Management Agency (FEMA), about rising flood insurance premiums.

In opening remarks during the morning hearing, Senator Menendez said, "As we continue to recover from one of the worst natural disasters to hit our nation, we need to be careful not to impose a manmade disaster in the form of unaffordable flood insurance premiums on those who already lost so much. We need to ensure that reforms to flood insurance are done carefully and do not create an additional obstacle to recovery and growth. And we need to ensure that homeowners have the resources they need to elevate their homes - and take other mitigation steps - so they can both limit the damage caused by future floods and keep their insurance premiums affordable."

A flood insurance bill passed last year before Superstorm Sandy struck has put into effect deep cuts in the national flood insurance subsidy, 25 percent a year over four years. Senator Menendez's Saving Homeowners from Onerous Rate Escalation (SHORE) Act, which he introduced in May, will dramatically slow down the cuts to the federal flood insurance subsidy over 10 years - with only a 5 percent reduction for the first five years. Furthermore, it would apply to all properties, including secondary homes, in flood zones.

  • Below is a video of Senator Menendez's full opening remarks at the hearing titled "Recovering from Superstorm Sandy: Assessing the Progress, Continuing Needs, and Rebuilding Strategy."

http://www.youtube.com/watch?v=ArNtfbZqpXY

  • Below is a video of Senator Menendez talking about flood insurance premiums and questioning Secretary Donovan.

http://www.youtube.com/watch?v=cxMzlnllwr4

  • Below is a video of Senator Menendez talking about flood insurance premiums and questioning Administrator Fugate at the hearing titled "Implementation of The Biggert-Waters Flood Insurance Act of 2012: One Year After Enactment."

http://www.youtube.com/watch?v=UGpsDkN20F4

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