Flood Insurance Extension Introduced

House Financial Services Committee Chairwoman Maxine Waters (D-CA) and ranking member Rep. Patrick McHenry (R-NC), late last week announced that they were introducing legislation that would extend the National Flood Insurance Program (NFIP) through September 30. The current authorization is set to expire on May 30.

CUNA and the state leagues have repeatedly pressed Capitol Hill lawmakers to not let the NFIP lapse. Authorization to extend the NFIP was included in the $19 billion disaster aid bill that passed in the House on May 10, but that bill’s future is anything but certain. Enactment still requires Senate passage and the president’s signature. President Trump has expressed opposition to the overall House disaster package.

In their joint statement, Waters and McHenry announced their legislation as a stand-alone bill, which would allow the reauthorization to move forward even if the disaster bill stalls in the Senate.  

“We have introduced legislation to extend the NFIP’s authorization to September 30, 2019. It is important that Congress does not allow the National Flood Insurance Program to lapse. This extension prevents harm to homeowners and the housing market while also providing time to reach bipartisan consensus on much-needed reforms to the program. We remain committed to a long-term bipartisan flood insurance reauthorization bill and will continue to work together toward that goal.”