Hensarling Statement on Bipartisan Short-Term NFIP Reauthorization Plan
Washington,
July 18, 2018 -
WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) released the following statement regarding the reauthorization of the National Flood Insurance Program (NFIP), which is set to expire at the end of the month absent Congressional action.
“It has been more than eight months since the House did its job and passed a long-term NFIP reauthorization. And yet the NFIP remains – and its policyholders remain – just as much in danger today as they did last year.
“Flooding in the United States killed over 115 people last year, and more than 550 since the last time Congress enacted a long-term NFIP reform bill. Yet 38 of the last 41 short-term extensions of the NFIP have contained zero reforms whatsoever — something which has to change if we want to help keep people safe.
“The right thing to do here would have been for Congress to enact a long-term reauthorization bill with reforms before this deadline. However, given where we are, I think that the bipartisan Royce-Blumenauer ‘NFIP Extension and Enhanced Consumer and Community Protections Act’ represents the best option right now to keep the NFIP open and adopt some commonsense reforms to help policyholders and at-risk communities while we continue to work on a long-term solution. I urge Congress to quickly take up and pass this bipartisan bill.”
H.R. 6402, the “NFIP Extension and Enhanced Consumer and Community Protections Act of 2018”:
Sponsored by Reps. Ed Royce (R-CA) and Earl Blumenauer (D-OR), H.R. 6402 would extend the authorization of the NFIP through November 30, 2018. The bill also includes eight reforms that have all been passed by the House, six of which have received unanimous votes. These reforms include having at-risk communities develop and implement a local plan to reduce their flood risk, reforms to make an additional $60,000 in insurance coverage available to help homeowners cover the cost of new mitigation measures, and allowing policyholders to pay their bills in monthly installments.
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