Articles Tagged with ''National Flood Insurance Program''

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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Here's why Congress can create bipartisan fix to flood insurance this year

"Our first job is to help the victims of Hurricanes Harvey and Irma"
In an unlikely pairing, Reps. Earl Blumenauer, D-Ore., and Sean Duffy, R-Wis., co-authored a blog for Bloomberg to emphasize the urgency and need to fix America’s flood insurance program. While the two noted that their first job is to help the victims of Hurricanes Harvey and Irma, the two are hopeful that Congress can come to an agreement on a fix to the flood insurance program.
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Bill to improve National Flood Insurance Program to reduce direct spending by $187 million

Current program extremely financially unstable
With the clock ticking on how much longer the National Flood Insurance Program will last, the Congressional Budget Office calculated the costs of one of the main bills in the running to update the program. This new bill will significantly turn around the current bill’s one-year shortfall of $1.4 billion. However, not everyone on the Financial Services Committee is on board with the bill.
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National Flood Insurance Program granted 3-month extension

Previously set to expire Sept. 30
President Donald Trump signed a three-month extension to the National Flood Insurance Program on Friday, giving Congress more time to come up with a long-term financial solution for the program. While flood insurance has struggled to gain a lot of attention over the years, the devastating destruction of Hurricane Harvey and the ongoing threat of Hurricane Irma pushed the urgency for a solution to the program to the surface.
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Affordability in question: The National Flood Insurance Program needs $1.4 billion more to function

Here are the two main reasons why
As the expiration date of the National Flood Insurance Program looms, the Congressional Budget Office, a nonpartisan analysis for the U.S. Congress, calculated the financial soundness of the program. Turns out, the program is extremely in the red and has an expected one-year shortfall of $1.4 billion. But with the impact of Hurricane Harvey still fresh on everyone’s mind, the urgency to do something is growing.
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