Congressman Blaine Luetkemeyer (MO-03) issued the following statement in response to the Federal Emergency Management Agency’s (FEMA) announcement regarding reinsurance:

“From Massachusetts to Missouri to the Gulf Coast, coastal homeowners deserve a National Flood Insurance program that works for them, without indebting the American taxpayer. For years, I have been working with my colleagues on the House Financial Services Committee to urge FEMA to increase the NFIP reinsurance program and transfer risk from taxpayers to the private sector,” said Congressman Luetkemeyer. “While I applaud FEMA’s expansion of the reinsurance program, I believe this should only be the beginning. FEMA could have saved taxpayers billions of dollars more had it transferred a larger portion of its risk to the private sector. Greater involvement from the private sector will provide more options for policyholders and better protections for taxpayers.”

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