Frank Introduces National Flood Insurance Program Bill
Financial Services Committee Chairman Barney Frank (D-MA) introduced legislation that is the second piece of a two-pronged approach to assure continuity and stability in the National Flood Insurance Program (NFIP) and the nation’s housing markets
Today, Financial Services Committee Chairman Barney Frank (D-MA) introduced legislation that is the second piece of a two-pronged approach to assure continuity and stability in the National Flood Insurance Program (NFIP) and the nation’s housing markets while also focusing on the comprehensive reform and long-term reauthorization of the NFIP.
“The flood insurance program has lapsed twice this year. For each day the program was inactive, up to 1,400 homebuyers seeking to buy homes in flood plains were unable to close on their homes. This program is too critical to our housing recovery to be allowed to lapse,” said Congresswoman Maxine Waters (D-CA), Chairwoman of the Subcommittee on Housing and Community Opportunity. “Chairman Frank’s bill will make sure the flood insurance program continues through September, giving us that much longer to push through the five-year extension and essential program reforms that are included in my legislation, HR 5114, the Flood Insurance Reform Priorities Act, which the Committee passed last month. With his bill and his support of my legislation, Chairman Frank is demonstrating this Committee’s commitment to stabilizing the flood insurance program.”
The Committee set in motion the first of this two-pronged approach at a April 27 markup where the Committee unanimously endorsed Congresswoman Waters’ comprehensive NFIP reform bill, the Flood Insurance Reform Priorities Act of 2010 (H.R. 5114). As the second prong of this process, Chairman Frank introduced legislation today extending the NFIP’s authority to write and renew flood insurance polices from its current May 31 deadline through September 30, 2010. Chairman Frank’s bill, the Stable Flood Insurance Authorization Act of 2010, is meant to ensure the continued functioning of the NFIP and reassure the housing market while Congresswoman Waters’ bill moves through the legislative process. Chairman Frank’s bill also includes time-sensitive provisions that provide communities with the tools and time needed for their residents to learn about, understand and respond to new flood risk data currently being produced and disseminated by the NFIP. Chairman Frank and Congresswoman Waters are hopeful that the full House will take up both NFIP reform and reauthorization bills and that the Senate will act promptly to assure the continuity of the NFIP program, add stability to the housing market, and provide much needed, comprehensive reform and long-term reauthorization of the NFIP.