[StBernard] Waters and Frank Introduce New Flood Insurance Legislation

[Westley Annis]

July 9, 2009                                                     

 

Waters and Frank Introduce New Flood Insurance Legislation

Bill will extend the program until March 2010; Leaders vow to craft updated
legislation

 

Washington, DC - Financial Services Housing Subcommittee Chairwoman Maxine
Waters (D-CA) and Committee Chairman Barney Frank (D-MA) today introduced
new legislation to authorize the National Flood Insurance Program (NFIP)
through March 31, 2010.  The current program is due to expire at the end of
September 2009 unless Congress acts to extend it. 

 

In addition, Waters and Frank announced their intention to draft a new
bi-partisan measure to reform the NFIP.  The updated legislation would
incorporate important NFIP reforms previously approved by the House in 2007
and consider new studies and information not available when the Committee
last reviewed the NFIP.  Frank and Waters also plan to engage the Obama
Administration and FEMA officials, and they invite recommendations for the
reform legislation from all interested parties.

 

"The National Flood Insurance Program is set to expire in September-right in
the middle of hurricane season," Chairwoman Waters said. "We saw the
importance of this program following Hurricane Katrina and other storms that
have devastated the Gulf Coast. Letting the program expire in the middle of
hurricane season would have serious repercussions for areas prone to
flooding. A six-month extension is prudent and necessary."

 

"This program is very important and very much in need of revision" said
Chairman Frank. "Passing an extension of the act will prevent any gap in the
important work it does while giving us the chance to improve it both from
the economic and environmental perspectives."

 

Created in 1968, the NFIP provides over one trillion dollars of flood
insurance to more than five and a half million American homes and
businesses.  Today's introduction affirms the House leadership's commitment
to a national flood program that effectively and efficiently manages the
ever-present risk of flooding to our nation's homes and businesses.

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