U.S. Senate Passes Flood Extension Bill

 

Big “I” urges House to act on May 31, 2012 extension.

This week the U.S. Senate passed an extension of the National Flood Insurance Program (NFIP) that would keep the program running through May 31, 2012. The legislation, introduced by Sen. David Vitter (R-La.), passed the Senate by unanimous consent and must now be taken up by the House of Representatives to avoid the NFIP’s scheduled expiration on Dec. 16.

The Big ”I” commended the Senate, and particularly Sen. Vitter, for their work on ensuring that the NFIP is extended for a meaningful amount of time. The association has advocated that it is vital to our economy that there not be any interruption in the NFIP, and urges the House to quickly pass this extension to provide Congress with more time to consider their long-term extension and reform efforts.

The House and Senate are currently working on legislation that would extend the program for five years and make needed reforms. The House overwhelmingly passed their version of the legislation, the “Flood Insurance Reform Act of 2011,” in July. The Senate Committee on Banking has passed their version, the “Flood Insurance Reform and Modernization Act,” but the bill must still be considered by the full Senate. Once the Senate passes its legislation, the House and the Senate will still have to agree on a final bill.

The Big “I” hailed last night’s action in the Senate as a critical step that also provides more time for Congress to work on the long-term reform and extension efforts. Provided that the House also passes this needed extension of nearly six months, the Senate would then need to work to bring the long-term reform and extension bill to the full Senate floor for consideration to allow the House and Senate to reconcile their two bills.