Latest News

Text of Taylor, Web exchange

FRANK, B. (D-MA): I yield myself three minutes and I yield for question to our colleague from Mississippi, who has been with our support on our committee, a major proponent for protecting the people who he represents in wind and elsewhere. I yield to the gentleman.

TAYLOR, G. (D-MS): Mr. Chairman, last year you had extensive hearings on this subject. the bill proposed by the house increased the coverage amounts since it was a shock to a lot of people who had to rebuild that $250,000 doesn't buy the kind of house it used to 10 years ago. We took the step to end the practice of concurrent causation, where if, according to testimony before the Mississippi supreme court a house was 95% destroyed by the wind, before the water got there, the insurance companies would bill the federal government for 100% of the cost of the damage, that's testimony before the Mississippi Supreme Court. The other thing is the possibility of adding wind insurance to the national flood insurance program so there isn't any discrepancy, doesn't mat for the wind destroyed house or the flood did if you built to it code and paid your premiums, you're going to get paid. I realize your committee has been very busy with the housing crisis, everyone is aware of this. But folks in the affected regions, now 52% of all Americans, are curious; at what point do you think there will be talk about these changes?

FRANK, B. (D-MA): There's been a request for an -- from the president about this, that's why the six-month administration, I believe the house remains committed to that. What happens in the senate will be another issue. But it is certainly our intention, the leadership of the committee on the majority side to work with the gentleman to extend that protection and hope that maybe thing wills change in the senate.

I yield again.

TAYLOR, G. (D-MS): Does the gentleman envision hear this is fall on the subject?

FRANK, B. (D-MA): It would be appropriate, as members know, we are probably not going away for a while this calendar year. Yes, I know the gentleman from California (Ms. Waters) who chairs the subcommittee which has jurisdiction s very interested in this and plans to have some hearings.

TAYLOR, G. (D-MS): I thank the gentleman, and to the previous speaker who lives in a house on stilts and represents people who live in houses on stilts, they're not all that bad.

FRANK, B. (D-MA): I would say just to finish up, the gentlewoman did talk about the problem of housing on stilts in an earthquake area.