00:01Mr. President, in every single state, there are Americans relying upon the National Flood
00:05Insurance Program to protect their home.
00:10Wherever it's shaded, and it's shaded in every state, there are people who are making
00:16claims on the National Flood Insurance Program.
00:19And Congress has the responsibility to serve all Americans, regardless of age, income,
00:23or zip code.
00:24Since President Biden's implementation of Risk Rating 2.0, seniors and low- and middle-income
00:30homeowners have been left behind.
00:33Earlier this month, I led eight of my Republican colleagues, urging FEMA to end the Biden-era
00:39Risk Rating 2.0.
00:41I want to work with the President to fix the mess the Biden administration had created.
00:49And now I want to share with my colleagues the same case we made in that letter for why
00:54action is needed now.
00:56Every year, on June 1st, the phrase, hoping for the best, preparing for the worst, comes
01:01to mind.
01:02For the folks in Louisiana, it's a way of life.
01:05A hurricane season begins.
01:07With a higher Gulf temperature than usual, meteorologists predict 13 to 19 named storms, 6 to 10 hurricanes,
01:14and 3 to 5 major hurricanes hitting the U.S. before the year's end.
01:18That's somewhere in the U.S., not just the Gulf Coast.
01:21I will note that the meteorologists always predict a lot.
01:24It's easier to be wrong predicting a lot than to be wrong predicting very few.
01:30But nonetheless, we should hope for the best and prepare for the worst.
01:35In my state, if there's such a warning, folks know what to do.
01:38They put in some nonperishable food items.
01:40They get the prescriptions renewed.
01:43They take care of their windows.
01:45They check on their neighbors.
01:45And they will also be bracing themselves financially.
01:50Folks in my state are still trying to get back on their feet after four years of financial distress under the Biden administration.
01:57Add the cost of recovery if there is a severe weather event, and many families just cannot afford it.
02:03That's why we have the National Flood Insurance Program, a safety net program for millions across the country, including those in my state, for the last 50 years.
02:13Because of the National Flood Insurance Program, a retired couple in Livingston Parish who just paid off their mortgage sleeps better knowing that they are covered the next time or if they ever flood.
02:25The single working woman in Cameron Parish, rest assured, knowing that there is help available when it becomes time to replace the siding and roof tiles, which may have been torn loose by torrential winds.
02:37But this program, the peace of mind for those who rely upon it, is being threatened.
02:41Since FEMA, under the Biden administration, implemented Risk Rating 2.0, premiums skyrocketed, making desperately needed protection unaffordable for millions.
02:51Over 80% of NFIP policyholders in Louisiana saw a spike in their premiums after its implementation in 2021.
03:01The protection that millions desperately need has become unaffordable.
03:06Now, when I say unaffordable, I'm not talking about a $100 or $200 increase, although that might be too much for some families.
03:13We're talking about an almost $2,000 increase for a homeowner in Wagerman, Louisiana.
03:21About a $4,500 increase for a homeowner in Gibson.
03:26And so this is where they started on the white, and this is where they went to in the red.
03:30And so if you say unaffordable, for a family of limited means, paying almost $600 to go to $2,500, big jump.
03:40That 334% jump.
03:43To go from $600 to $5,100 is a 750% jump.
03:47And here in Belchase, Louisiana, it goes from $570 to $8,800, over a 1,400% increase.
03:57Now, that's unaffordable.
04:02For a family with limited income, perhaps fixed income, to see that kind of jump is, one more time, unaffordable.
04:13So the question is, has FEMA been transparent about these increases?
04:17And the answer is no.
04:18In fact, some of these folks have never flooded.
04:23They're not really quite sure why their premiums are rising.
04:26But because they're rising so rapidly and so much, they have no option but to drop their NFIP coverage altogether,
04:31which, of course, is the worst possible situation because now they're totally vulnerable.
04:35It's important to note that Congress has not been allowed to weigh in on these increases.
04:46Under President Biden, Congress was stonewalled.
04:50And now, with President Trump in charge, I trust there'll be more transparency into the risk rating 2.0 methodology than we've had.
04:57The American people, and certainly those in Louisiana, made it clear when they elected President Trump
05:07that they're ready to end the confusion and high prices of the previous administration.
05:12They were talking about the grocery store, the gas pump, and, yes, also flood insurance.
05:18National Flood Insurance Program, and if you add to that homeowners,
05:21is the heart of the cost-of-living crisis Americans struggle with under President Biden.
05:27Now, we have a chance to bring down prices on flood insurance in the same way that President Trump
05:32has brought down all these other prices, gas, eggs, milk, you name it.
05:36And I wish to work with my Senate colleagues, my congressional colleagues, and with President Trump
05:40to make life affordable again.
05:43As hurricane season ramps up, the clock is ticking.
