Earlier this week, the U.S. House of Representatives passed H.R. 2578, which would extend the NFIP through Sept. 30, the end of the fiscal year. The bipartisan legislation, sponsored by Financial Services Chairwoman Maxine Waters (D-California) and Ranking Member Patrick McHenry (R-North Carolina), passed by voice vote without objection.
The Big “I” and others are currently advocating for Congress to extend the NFIP before the program expires, and to support a long-term reauthorization of a modernized program that would increase take-up rates for flood insurance in both the NFIP and the private market. In absence of a long-term extension, the Big “I” supports and appreciates congressional action to make sure the program does not lapse. A lapse could leave millions of Americans at risk, disrupt housing markets and slow recovery efforts of past flooding events.
The U.S. Senate must now act before the May 31 deadline to make sure the NFIP does not lapse. The Big “I” will continue to urge Congress and the Trump Administration to get an NFIP extension signed into law before month-end.
Wyatt Stewart is Big “I” senior director of federal government affairs.