Washington, D.C. – (RealEstateRama) — U.S. Representative Randy Hultgren (IL-14), member of the House Financial Services Committee, today was named to the Subcommittee on Housing and Insurance which has jurisdiction over flood insurance including the National Flood Insurance Program (NFIP), Fannie Mae and Freddie Mac, public and private housing, urban development and terrorism risk insurance. Rep. Hultgren was also elevated as Vice-Chairman of the Subcommittee on Capital Markets, Securities and Investment.
“On Housing and Insurance, I want to ensure my constituents in Illinois have affordable access to insurance that minimizes the federal government’s role and taxpayer exposure. With the NFIP set to expire in September, Congress has an opportunity to make reforms that both put it on sound fiscal footing and protect homeowners,” said Rep. Hultgren. “This is especially true in my district which includes the Fox River, Fox Lake, Crystal Lake and other communities which have been prone to flooding. In addition, I want to ensure Illinois continues to have a healthy insurance market that helps families affordably plan for unforeseen life events.
“I also believe we need to make long overdue reforms to Fannie and Freddie that ensure affordable access to the housing market without risking taxpayers will be subject to future bailouts. The housing crisis hurt every community across the state of Illinois, and Congress has a responsibility to ensure government enterprises do more good than harm. I thank Chairman Hensarling for his leadership of the committee, and I look forward to our important work on behalf of American homeowners.”