By Nicole D. Prysby, J.D.
On July 25, 2018, the U.S. House of Representatives passed Congressman Tom MacArthur’s (R-NJ) bill, the National Flood Insurance Program (NFIP) Extension Act of 2018. The bill passed in a 366-52 vote, with 10 members not voting. The measure extends the deadline for the NFIP to Nov. 30, 2018. Congressman MacArthur urged the Senate to take up the bill before the program expires on July 31. The House previously passed a five-year reauthorization, which the Senate failed to consider.
Several House members commented on the bill, either during the floor debate or in released remarks. Congressman Charlie Crist (D-Fla) released a statement urging the Senate to take up the bill immediately and indicating support for a long-term reauthorization that includes reforms to the program. Financial Services Committee Chairman Jeb Hensarling (R-Texas) stated during the House debate on the bill that while he believes the program needs to be reauthorized, it is also in dire need of reform. Rep. Ed Royce (R-Calif) also spoke on the House floor in support of bipartisan reforms to the program, arguing that the program should be revised to encourage mitigation as opposed to rebuilding of repeatedly flooded properties.
Representative Warren Davidson (R-Ohio) released a statement in opposition to the bill, arguing that the program should not be extended without reforms. Representative French Hill (R-Ark) also released a statement arguing for reforms to the program and urged the Senate to take up the bipartisan reform legislation passed by the House in 2017.
The American Bankers Association commented on the House vote, stating that the ABA strongly supports a long-term reauthorization of the program as well as reforms to the program to address sustainability, availability, and affordability.
As previously reported, Congresswoman Maxine Waters (D-Calif) has demanded long-term reauthorization of the NFIP. Her floor statement on the vote was supportive of the reauthorization, but indicated that the program needs reforms to address flood insurance affordability and the lack of up-to-date flood maps, rather than the reforms previously passed by the House.
Companies: American Bankers Association
MainStory: TopStory BankingFinance FedTracker FinancialStability FloodInsurance Mortgages
Interested in submitting an article?
Submit your information to us today!Learn More
Banking and Finance Law Daily: Breaking legal news at your fingertips
Sign up today for your free trial to this daily reporting service created by attorneys, for attorneys. Stay up to date on banking and finance legal matters with same-day coverage of breaking news, court decisions, legislation, and regulatory activity with easy access through email or mobile app.