Bill Text: NJ AR257 | 2016-2017 | Regular Session | Introduced
Bill Title: Urges federal government not to impose surcharge on flood insurance policies to pay for wall between United States and Mexico.
Spectrum: Partisan Bill (Republican 7-0)
Status: (Introduced - Dead) 2017-06-01 - Introduced, Referred to Assembly Financial Institutions and Insurance Committee [AR257 Detail]
Download: New_Jersey-2016-AR257-Introduced.html
Sponsored by:
Assemblyman CHRIS A. BROWN
District 2 (Atlantic)
Assemblyman SEAN T. KEAN
District 30 (Monmouth and Ocean)
Co-Sponsored by:
Assemblyman Rumpf, Assemblywoman Gove, Assemblymen Wolfe, McGuckin and Rible
SYNOPSIS
Urges federal government not to impose surcharge on flood insurance policies to pay for a wall between United States and Mexico.
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution urging the federal government not to impose a surcharge on flood insurance policies.
Whereas, Hurricane Sandy caused significant damage to New Jersey and caused over 40 deaths in New Jersey when it came ashore in October 2012; and
Whereas, In a study conducted by Rutgers, the State University, the travel and tourism industry in New Jersey sustained losses of approximately $950 million by the third quarter of 2013 due to Hurricane Sandy; and
Whereas, The gaming industry in Atlantic City lost an estimated $5 million per day in revenue as a result of the closures from Hurricane Sandy, and Atlantic City lost at least nine conventions because of the hurricane, including two of its biggest annual conventions; and
Whereas, The National Oceanic and Atmospheric Administration found that the fishing communities in New Jersey suffered considerable losses from Hurricane Sandy, including almost $14 million in losses to the commercial fishing sector and $105 million in losses to recreational fishing; and
Whereas, Nearly 19,000 small businesses in New Jersey sustained damage of $250,000 or more, with total business losses of approximately $8.3 billion due to Hurricane Sandy and the estimated cost of completely repairing all of the damage sustained by New Jersey is approximately $37 billion; and
Whereas, Over two million households in the State lost power as a result of Hurricane Sandy, approximately 346,000 homes were damaged or destroyed, and there was over $1 billion in damage to uninsured homes in New Jersey; and
Whereas, Many New Jersey residents continue to suffer the effects of the storm, have yet to return to their homes, and still need aid to further their recovery; and
Whereas, There were 230,000 National Flood Insurance Program (NFIP) policies in-force in New Jersey as of January, 2017, and these policies cost New Jersey residents a total of $228 million in premiums, which calculates to an average cost of $991 per policy; and
Whereas, Many homeowners who have flood insurance or who seek to purchase it will experience yet another premium increase because the Federal Emergency Management Agency announced that beginning April 1, 2017, overall premiums for NFIP policies will increase an average of 6.3 percent nationwide; and
Whereas, One draft of President Donald J. Trump's budget proposal for the year starting October 1, 2017 included a surcharge on premiums paid for NFIP flood insurance policies to be used as a source of funding for building a wall between the United States and Mexico to restrict illegal immigration; and
Whereas, New Jersey residents, who have struggled with the property destruction and financial setbacks from the unprecedented impact of Hurricane Sandy, and who have faced ongoing increases in flood insurance premiums, would be financially devastated by the burden of an additional surcharge for construction of a wall between the United States and Mexico - a purpose totally unrelated to flood insurance; and
Whereas, It is therefore fitting and proper, and in the interest of the residents of New Jersey, for the Legislature of the State of New Jersey to respectfully urge the federal government not to place a surcharge on flood insurance policies to pay for construction of a wall between the United States and Mexico; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. The General Assembly of the State of New Jersey respectfully urges the federal government not to place a surcharge on flood insurance policies to pay for construction of a wall between the United States and Mexico.
2. Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Clerk of the General Assembly to the President of the United States and the Director of the Office of Management and Budget.
STATEMENT
This resolution respectfully urges the federal government not to place a surcharge on flood insurance policies to pay for construction of a wall between the United States and Mexico.
New Jersey residents, who have struggled with the property destruction and financial setbacks from the unprecedented impact of Hurricane Sandy, and who have faced ongoing increases in flood insurance premiums, would be financially devastated by the burden of an additional surcharge for construction of a wall between the United States and Mexico - a purpose totally unrelated to flood insurance.
