[StBernard] Frank Introduces National Flood Insurance Program Bill

[Westley Annis]

May 7, 2010                                         

 

Frank Introduces National Flood Insurance Program Bill

 

                            

 

Washington, DC - 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.

 

 

###