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Senate Proceeding 05-20-10 on May 20th, 2010 :: 6:05:15 to 6:09:15
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David Vitter

6:05:12 to 6:05:33( Edit History Discussion )

David Vitter: banking bill, be recognized for up to 30 minutes each. the presiding officer: without objection, so the senator from louisiana is recognized. mr. vitter: thank you, mr. president. mr. president, i rise to discuss flood insurance extension and our need to address that now to get rid of uncertainty in the

David Vitter

6:05:15 to 6:09:15( Edit History Discussion )
Speech By: David Vitter

David Vitter

6:05:34 to 6:05:55( Edit History Discussion )

David Vitter: market and real concern that this will not be done in time and the vital national flood insurance program may be allowed to lapse yet again, as happened in the recent past. mr. president, obviously, the national flood insurance program is important, it's basic, it's necessary. it's necessary for the entire

David Vitter

6:05:56 to 6:06:17( Edit History Discussion )

David Vitter: country, for real estate transactions everywhere, but it's certainly necessary in my home state of louisiana and in a hurricane and flood zone. now, as we sit here today, mr. president, the national flood insurance program will expire in the first few days of june during the memorial recess,

David Vitter

6:06:18 to 6:06:39( Edit History Discussion )

David Vitter: so it is necessary and important that that program be extended. and, mr. president, i suggest we take up this noncontroversial matter now, we do it now, there is no controversy, there is no objection on the substance of the program. this will accomplish two things, mr. presiden

David Vitter

6:06:40 to 6:07:00( Edit History Discussion )

David Vitter: first of all, our taking it up now rather than at the last moment right when we're pushed up against the memorial day recess will take care of real uncertainty in the market and give everyone, homeowners, those who need these extensions, those who need these policies, everyone in real estate the

David Vitter

6:07:01 to 6:07:21( Edit History Discussion )

David Vitter: security that this will be extended properly through at least the end of the year. secondly, mr. president, i think it's reasonable to take it out of the context of the extenders package which is otherwise very controversial. there are a lot of elements of the extenders package which will merit debate.

David Vitter

6:07:22 to 6:07:44( Edit History Discussion )

David Vitter: there are a lot of elements of the extenders package which will be controversial and which will garner legitimate no votes. this flood insurance extension is not one of them. this flood insurance extension on its merits does not have controversy and does not have objection, including because of

David Vitter

6:07:45 to 6:08:05( Edit History Discussion )

David Vitter: the fact that it does not cost us anything. it is completely budget neutral, this extension through the end of the mr. president, this approach which would erase uncertainty, which would calm the markets, which would remove it from other unrelated, more controversial

David Vitter

6:08:06 to 6:08:26( Edit History Discussion )

David Vitter: issues, is supported by everyone in the marketplace, and in that regard, mr. president, i would ask unanimous consent to make part of the record this letter from the national association of realtors in strong agreement with this approach and a similar letter from the national association of mortgage brokers

David Vitter

6:08:27 to 6:08:48( Edit History Discussion )

David Vitter: in strong agreement with this approach. the presiding officer: is there objection? mr. reid: mr. president? mr. president, reserving the right to object. did my friend propound a un mr. vitter: simply to make these two letters as part of the record. mr. reid: no objection. the presiding officer: without objection. mr. vitter: thank you, mr. president.

David Vitter

6:08:49 to 6:09:11( Edit History Discussion )

David Vitter: with that introduction, i would now propound my underlying unanimous consent request. i would ask unanimous consent that the senate proceed to the immediate consideration of calendar number 372, which is the vitter bill s. 3347, a bill that extends the national flood insurance program at no cost,

David Vitter

6:09:12 to 6:09:16( Edit History Discussion )

David Vitter: deficit neutral, through december 31, 2010, and that the bill be read a third time and

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