|
Washington, DC--House Financial Services Committee Chairman Michael G. Oxley (OH) and incoming Ranking Member Rep. Barney Frank (MA) announced today that they will introduce legislation next year to reauthorize the Federal Emergency Management Agency’s (FEMA) national flood insurance program.
Chairman Oxley and Rep. Frank are working in a bipartisan effort with colleagues in the House and Senate, as well as with the Administration, to quickly reauthorize FEMA’s national flood insurance program which expires Dec. 31, 2002.
Certain mortgage agreements require lenders to maintain flood insurance. The reinstatement of this program is imperative to prevent disruptions for policyholders, homeowners, lenders and insurers.
The bill, to be introduced by Oxley and Frank when Congress returns early next year, will reauthorize FEMA’s authority to offer the program and address any lapses in coverage.
A copy of the draft legislation is available on the Committee’s Web site at <http://financialservices.house.gov/news.asp?FormMode=release&id=222&NewsType=1>.
-30-
The House Financial Services Committee oversees the U.S. financial services sector including the banking, insurance, mortgage, real estate, and securities industries. The Committee is also responsible for housing and urban development agencies, including Government Sponsored Enterprises (GSEs), as well as agencies engaged in international development and finance. As part of its jurisdiction, the Committee ensures enforcement of landmark consumer protection statutes such as the Truth In Lending Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws. http://www.house.gov/banking_democrats
|
|
