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Senate Proceeding on May 8th, 2008 :: 4:33:08 to 4:49:25
Total video length: 8 hours 11 minutes Stream Tools: Stream Overview | Edit Time

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Judd Gregg

4:25:02 to 4:33:08( Edit History Discussion )
Speech By: Judd Gregg

Judd Gregg

4:32:53 to 4:33:08( Edit History Discussion )

Judd Gregg: at that point, mr. president, i yield the floor. the presiding officer: under the previous order there will now be 20 minutes of debate prior to a vote i n relation to amendment number 4170 offered by

Jim DeMint

4:33:08 to 4:33:21( Edit History Discussion )

Jim DeMint: the senator from south carolina, senator demint. mr. demint: thank you, mr. president. i would like to talk about my amendment that would be voted on in 15 or 20 minutes. it is demint amendment 4710

Jim DeMint

4:33:08 to 4:49:25( Edit History Discussion )
Speech By: Jim DeMint

Jim DeMint

4:33:21 to 4:33:34( Edit History Discussion )

Jim DeMint: and it is an amendment to the national flood insurance program bill that we're considering here today. the whole purpose of the flood insurance bill is to improve the program, make it nor rack wearily

Jim DeMint

4:33:34 to 4:33:51( Edit History Discussion )

Jim DeMint: sound -- actuarially sound, make it more financially sustainable over many years and, obviously, we've had huge problems with the program, but, yet, it is very important to people all around the

Jim DeMint

4:33:51 to 4:34:08( Edit History Discussion )

Jim DeMint: country, particularly those in coastal areas. one of the goals of this reform bill is to make the rates fairer and to phase out a number of the subsidies that we've allowed under the current program.

Jim DeMint

4:34:08 to 4:34:20( Edit History Discussion )

Jim DeMint: mr. president, the current program allows up to 65% subsidies of property that's were purchased before we developed these -- properties that were purchased before we developed these flood maps. in other

Jim DeMint

4:34:20 to 4:34:39( Edit History Discussion )

Jim DeMint: wordsth, there were properties purchased years ago en people did not know that they were purchasing a home in a flood area. and for that reason we have basically grandfathered these homes in and allowed

Jim DeMint

4:34:39 to 4:35:00( Edit History Discussion )

Jim DeMint: them lower rates in the flood insurance program than those who bought homes after we had designated those flood areas. the bill addresses some of those properties by phasing out the subsidies of nonprimary

Jim DeMint

4:35:00 to 4:35:17( Edit History Discussion )

Jim DeMint: residences, those that are rental properties, second homes, even those with severe representative losses. we take about 47,000 properties that were prefirm, as we call it, preflood map, and phase those

Jim DeMint

4:35:17 to 4:35:37( Edit History Discussion )

Jim DeMint: out. but there are 700,000 permanent residences which we do not address. the purpose of my amendment is to bring all of the properties basically into the same plan. and not to force some to pay higher

Jim DeMint

4:35:37 to 4:35:52( Edit History Discussion )

Jim DeMint: premiums so that we can give subsidies to these 700,000 homes. my bill does not affect the rates or the subsidies of any current property owners. my amendment does address new owners if those properties

Jim DeMint

4:35:52 to 4:36:08( Edit History Discussion )

Jim DeMint: are sold after this bill passes. in other words, we continue the subsidies of current property owners except for those that are already addressed in the bill. but if those properties are sold, clearly

Jim DeMint

4:36:08 to 4:36:23( Edit History Discussion )

Jim DeMint: the new owner would know that they're buying in a flood zone and so the rationale to continue subsidies up to 65% do not exist. i would like to remind my colleagues if we allow inequitys to continue

Jim DeMint

4:36:23 to 4:36:34( Edit History Discussion )

Jim DeMint: where some are getting subsidies and some are not, then some residents, and one might be sitting next to another, will have a higher property value because it wl get lower flood insurance rates indefinitely,

Jim DeMint

4:36:34 to 4:36:51( Edit History Discussion )

Jim DeMint: no matter how many times it's sold. my amendment, again, i think would improve the sustainability of the program. i encourage the ranking member to consider. i know there's been agreements not to

Jim DeMint

4:36:51 to 4:37:06( Edit History Discussion )

Jim DeMint: add any amendments or support any amendments, but i think this captures a lot of the intent of the whole bill to make the program sustainable, fairer, and actually my amendment would return about $450 million

Jim DeMint

4:37:06 to 4:37:23( Edit History Discussion )

Jim DeMint: in additional premium revenues to the plan over the next 10 years. so this is, again, designed to make the program fairer. i would encourage all of my colleagues to look at this amendment. it's not

Jim DeMint

4:37:23 to 4:38:03( Edit History Discussion )

Jim DeMint: a partisan amendment in any way. it will make the program better and fairer and bring everyone into the same status once properties are sold. so with that, mr. president, i will reserve the balance

Jim DeMint

4:48:16 to 4:48:21( Edit History Discussion )

Jim DeMint: of my time and yield the floor. i suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: ~ quorum call: s^k^7[[z ih j[ k[ ki zkz [kkky+r[2j z[ k [i [&zkk[1

Jim DeMint

4:48:21 to 4:48:26( Edit History Discussion )

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Jim DeMint

4:48:26 to 4:48:32( Edit History Discussion )

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Jim DeMint

4:48:32 to 4:48:37( Edit History Discussion )

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Jim DeMint

4:48:37 to 4:48:42( Edit History Discussion )

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Jim DeMint

4:48:42 to 4:48:49( Edit History Discussion )

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Jim DeMint

4:48:49 to 4:48:55( Edit History Discussion )

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Jim DeMint

4:48:55 to 4:49:01( Edit History Discussion )

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Jim DeMint

4:49:01 to 4:49:07( Edit History Discussion )

Jim DeMint: 7 [z[f f[zbz"[ [wzz6j63 ;z[7[ 6&f[6 6i6# [i3[f[[[[6[z&y h 3;[j:vm;[&[[6k;[2363[r6[6[7[r[[[[v7 rs [[x[z6[? z [r kk26rkfmk2fr[r6[[2[;6[263 [rk[7 jv?h~ r 2r[ [ }\~0w[~>}  :>! $zzy l|!ywv;1 ; $7??wb_#z&2sw9v|w~?,{7ov_h~>onnd the idea is

Jim DeMint

4:49:07 to 4:49:25( Edit History Discussion )

Jim DeMint: want to raise the price of current -- is not to raise the price of current premium payers or to raise the price of real estate. and i just want to ask my colleagues to bring all of the policies

Christopher Dodd

4:49:25 to 4:49:39( Edit History Discussion )

Christopher Dodd: eventually into some actuarial policy. mr. dodd: i just had a discussion with senator dorgan on a similar issue but the same point of an equity interest there involving the cost of premiums where you have

Christopher Dodd

4:49:25 to 4:50:54( Edit History Discussion )
Speech By: Christopher Dodd

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