On the Hill
National Flood Insurance Program Expected to Be Extended until May 31, 2012
Big “I” continues efforts for reform, long-term extension.
President Barack Obama is expected to sign H.R. 2055, the “Consolidated Appropriations Act,” (also known as the mini-bus) which extends the National Flood Insurance Program (NFIP) until May 31, 2012, into law before heading out of town for the Christmas weekend. The NFIP is set to expire on Dec. 23 without this legislation.
The expected extension of almost five months should provide ample opportunity for Congress to pass long-term extension and reform legislation. Several NFIP related bills are currently pending at different stages in both the Senate and the House.
The Big “I” continues to advocate in support of this important program, noting the NFIP has worked for more than 40 years to help protect consumers from flood risks, and Congress has traditionally extended the program for five-year periods to provide stability for the marketplace.
But for the last few years, Congress had only extended the program for short periods, mostly from 30 days to six months. The Big “I” believes a long-term extension with important reforms is critical to provide certainty to the marketplace and to shore up the program’s finances for future stability.
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