Articles Tagged with ''NFIP''

Hurricane Florence spurs calls for long-term NFIP reauthorization

The National Association of Realtors request resolution
The impending devastation of Hurricane Florence is causing a national stir, forcing many to worry about the potential threat of loss of life and property damage. As the storm inches closer to the Mid Atlantic, The National Association of Realtors is calling on the government to pass a long-term resolution for the National Flood Insurance Program.
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Senate passes flood insurance reform at 11th hour

Housing industry continues to push for long-term solution
Tuesday, the day the current National Flood Insurance Program was set to expire, the Senate passed yet another short-term extension of the program. But while the housing industry is pleased Congress did not let the current program expire, it also emphasized the need to create a long-term solution.
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House passes extension for National Flood Insurance Program

Up to Senate to pass before program expires in July
Wednesday, the House of Representatives passed legislation to authorize the National Flood Insurance Program for another four months. Now, the housing industry is urging the Senate to move quickly in order to pass the bill before it expires at the end of this month.
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Waters and 61 legislators demand Congress keeps NFIP active

Reps. Beto O’Rourke, Eleanor Norton and Gregory Meeks back Waters
Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., and 61 members of Congress are demanding a long-term reauthorization of the National Flood Insurance Program. Waters, a prominent critic of H.R. 2874, believes American families are not financially prepared for the growing threat of natural disasters.
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House passes long-term reauthorization of National Flood Insurance Program

Bill to reduce direct spending by $187 million
Less than a month before the program was set to expire, the House of Representatives voted to pass the 21st Century Flood Reform Act, which will reform and reauthorize the National Flood Insurance Program. The 21st Century Flood Reform Act would reauthorize the NFIP for five years and introduce private market competition.
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OMB Director Mulvaney calls for canceling NFIP's $16 billion debt

Tells Trump: "The program must also be reformed"
The strength of the National Flood Insurance Program was put to the test after the devastating destruction from Hurricane Harvey, Irma and Maria, and unfortunately, it failed to hold up. In a letter to the president, Office of Management and Budget Director Mick Mulvaney addressed how the program requires immediate financial relief and future reform.
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Senate rejects private flood insurance reform

Asks for broader reform on NFIP
Despite a push in the House of Representatives to reform the private flood insurance market, the provision failed to make it through Senate for approval that same day. But it wasn’t the flood provision that some Senators had a problem with as much as the timing of trying to get it through Congress.
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House passes bipartisan reform to encourage private flood insurance

Here's how this plays into the larger effort to reform the National Flood Insurance Program
The House of Representatives voted Thursday to pass legislation that includes a bipartisan act that encourages the creation of private flood insurance markets. While this falls outside of the broader debate to reform the National Flood Insurance Program, it addresses a key issue in flood insurance coverage. But due to the timing of the legislation, it wasn’t nearly as bipartisan of a bill as it was in the past.
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