Congress approved the Homeowner Flood Insurance Affordability Act on Tuesday, which will roll back dramatic increases in flood insurance premiums. Congressman Frank LoBiondo (R-2) told NJTV News Managing Editor Mike Schneider that the passage of the flood insurance act is a great accomplishment.
“It’s enormous if you were one of the victims of Sandy, which we have thousands, tens of thousands, and if you are one of the flood policy holders who are subjected to these crazy changes, this is one of the biggest things that’s happening to you,” said LoBiondo.
LoBiondo said that the flood insurance act encompasses what Congress should be and that it’s a responsible approach to solving a problem.
Prior to the passing of the Flood Insurance Affordability Act, LoBiondo said that what he heard from residents in the second congressional district was that flood insurance needed to be fixed. Not only did residents express their concerns, but so did stakeholders and the business community, said LoBiondo.
With the Homeowners Flood Insurance Affordability Act, policyholders who paid the high rates will be due a refund check, according to LoBiondo. He also said that insurance companies and stakeholders will be able to reset how they are going to do business. Homeowners who have the policies will need to fully understand how the new act will benefit them, said LoBiondo.
Meanwhile, the crisis in Ukraine continues. LoBiondo said that the reason for the crisis is due to the actions of the administration over the last couple of years, but that he is also doing research.
“I’m still gathering information on the situation on the ground and what the proposed options are that the administration would like to do and what the consequences of those options are,” LoBiondo said. “So I want to listen to the full debate.”
As for Russian President Vladimir Putin, LoBiondo believes that Putin has a plan to reconstitute the Soviet Union and that the United States needs to be careful not to enable him to accomplish those goals.
The G8 economic summit is set to happen in Sochi. LoBiondo said that it would not be a good idea for President Obama to attend the summit.
“I don’t think the president should be anywhere near Russia right now,” LoBiondo said.