Congressman Sherman’s Statement on Introduction of the Wildfire Insurance Coverage Study Act

Washington, D.C. – Today, Congresswoman Maxine Waters (CA-43), Ranking Member of the House Financial Services Committee; and Congressman Sherman (CA-32), senior member of the House Financial Services Committee, and Ranking Member of the Subcommittee on Capital Markets introduced the Wildfire Insurance Study Coverage Act, which would require the Government Accountability Office (GAO) to conduct a study assessing how the market for homeowners' insurance is responding to wildfires as well as federal action to support homeowners. This bill previously passed the Financial Services Committee 47-2.

Congressman Sherman released the following statement: 

“While insurance has traditionally been a state issue, the devastating fires in my district and the greater Los Angeles area underscore the need for Congress to focus on the availability and cost of fire insurance coverage as well as trends in wildfire declarations and mitigation practices,” said Congressman Sherman. “A bipartisan group of Members supported this bill last year, yet it did not receive a vote in Congress. I am proud to co-lead this bill along with my friend from Los Angeles Ranking Member Maxine Waters and I urge leadership to immediately consider this legislation. And I urge Speaker Johnson to allow a floor vote on the bill as soon as it is passed by the Financial Services Committee. We cannot wait.”

To read the text of the bill – Click Here.