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Y 4.822/3:5.HRG.103-42:2 103-422

NATIONAL FLOOD INSURANCE REFORM ACT OF

1993—S. 1405

HEARINGS

BEFORE THE

SUBCOMMITTEE ON
HOUSING AND URBAN AFFAIRS

OF THE

COMMITTEE ON
BANKING, HOUSING, AND URBAN AFFAIRS

UNITED STATES SENATE

ONE HUNDRED THIRD CONGRESS

FIRST SESSION

ON

S. 1405

TO STRENGTHEN THE NATIONAL FLOON INSURANCE PROGRAM AND TO
REDUCE RISK TO THE NATIONAL FLOOD INSURANCE FUND BY IN-
CREASING COMPLIANCE, PROVIDING INCENTIVES FOR COMMUNITY
FLOODPLAIN MANAGEMENT, PROVIDING FOR MITIGATION ASSIST-
ANCE, AND FOR OTHER PURPOSES

SEPTEMBER 14 AND 15, 1993

Printed for the use of the Committee on Banking, Housing, and Urban Affairs

DEPOSITORY

MAR 1 7 1994

U.S. GOVERNMENT PRINTING OFFICE

Stanford University
76-604 CC
WASHINGTON : 1994

Jonsson Library
For sale by the U.S. Government Printing Office
Superintendent of Documents, Congressional Sales Office, Washington, DC 20402

ISBN 0-16-043687-7

COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS

DONALD W. RIEGLE, JR., Michigan, Chairman PAUL S. SARBANES, Maryland

ALFONSE M. D'AMATO, New York CHRISTOPHER J. DODD, Connecticut PHIL GRAMM, Texas JIM SASSER, Tennessee

CHRISTOPHER S. BOND, Missouri RICHARD C. SHELBY, Alabama

CONNIE MACK, Florida JOHN F. KERRY, Massachusetts

LAUCH FAIRCLOTH, North Carolina RICHARD H. BRYAN, Nevada

ROBERT F. BENNETT, Utah BARBARA BOXER, California

WILLIAM V. ROTH, JR., Delaware
BEN NIGHTHORSE CAMPBELL, Colorado PETE V. DOMENICI, New Mexico
CAROL MOSELEY-BRAUN, Ilinois
PATTY MURRAY, Washington

STEVEN B. HARRIS, Staff Director and Chief Counsel
HOWARD A. MENELL, Republican Staff Director

KEVIN G. CHAVERS, Counsel
JEANNINE S. JACOKES, Professional Staff Member

EDWARD M. MALAN, Editor

SUBCOMMITTEE ON HOUSING AND URBAN AFFAIRS

PAUL S. SARBANES, Maryland, Chairman JOHN F. KERRY, Massachusetts

CHRISTOPHER S. BOND, Missouri RICHARD H. BRYAN, Nevada

PETE V. DOMENICI, New Mexico BARBARA BOXER, California

CONNIE MACK, Florida CAROL MOSELEY-BRAUN, Illinois

LAUCH FAIRCLOTH, North Carolina CHRISTOPHER J. DODD, Connecticut WILLIAM V. ROTH, JR., Delaware

PAUL WEECH, Staff Director

CHERYL A. Fox, Counsel

KRIS D. WARREN, Legislative Assistant
JONATHAN KAMARCK, Republican Staff Director/Subcommittee

on Housing and Urban Affairs
IRA PAULL, Republican Deputy Staff Director/Counsel

PAMELA RAY-STRUNK, Republican Staff Member

(II)

CONTENTS

Page

1-74

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Page

Michael K. Stamper, executive vice president for Risk Management, Federal

Home Loan Mortgage Corporation, Washington, DC

Prepared statement

Flood insurance requirements for Freddie Mac seller/services

S. 1405, The National Flood Insurance Reform Act of 1993

Conclusion

Response to written questions from Senator Mack

Kenneth L. Austin, Jr., vice chairman of Loan Administration Committee,

Mortgage Bankers Association of America, Washington, DC

Prepared statement

Response to written questions from Senator Mack

Larry W. Palmer, Redland Insurance Company, Council Bluffs, IA

Prepared statement

Response to questions raised by Senator Mack

Thomas N. “Tommy” Thompson, first vice president, National Association

of Home Builders, Washington, DC

Prepared statement

1. The Nationals Flood Insurance Program

II. Proposed reforms to S. 1405

Conclusion

Beth Millemann, executive director, Coastal Alliance, Washington, DC

Prepared statement

Hurricane Emily

Flood insurance reform initiatives in the 102nd Congress

The National Flood Insurance Program's failed mandate

Yesterday's storms, tomorrow's hurricanes

A taxpayer bail-out-again

America's coasts: A threatened resource

Enact S. 1405 and reform the NFI program

Needed changes to the NFI program

Recommended additions to Ś. 1705

Conclusion

Kathleen M. McCauley, secretary, Marshfield Coastal Advisory Committee,

Marshfield, MA ...

Prepared statement

Response to written questions from Senator Mack

Rebecca Quinn, legislative officer, Association of State Flood Plain Manager,

Annapolis, MD

Prepared statement

Introduction

Summary

Background

Conclusion

Cary Kehoe, Delaware Department of Natural Resources and Environmental

Control, Dover, DE

Prepared statement of Christopher A. G. Tulow

Pat Campbell-White, vice chairperson of the Public Policy Committee, Na-

tional Association of Realtors, Washington, DC

Prepared statement

Introduction

S. 1405

Conclusion

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