The National Flood Insurance Program is costing the country’s taxpayers, and Sen. Rand Paul (R-KY) wants to do something about it.
Last week, during a debate surrounding the NFIP, Paul acknowledged the benevolent intentions of the program but highlighted how bad-faith actors exploit it at the expense of the ordinary citizen. Ever the fiscal conservative and guardian of the government’s reckless and wasteful spending, Paul encouraged reform of the NFIP.“Once again, we are asked to extend the Flood Program without any reforms to protect the taxpayers.
“A 2014 report by the Government Accountability Office found the Flood Program collected $17 billion less than the market would have required. For all practical purposes, the Flood Program is insolvent,” Paul said. “Just a few years ago, the Flood Program owed $30 billion to the taxpayer. Congress later canceled $16 billion of that debt, but the Flood Program has not made any progress in repaying the taxpayer.
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