Magazine article Mortgage Banking

Key House Members Introduce Bill to Extend Flood Insurance Program

Magazine article Mortgage Banking

Key House Members Introduce Bill to Extend Flood Insurance Program

Article excerpt

Right in the midst of hurricane season but before a major one has hit, two key House members introduced a bill on July 9 to extend the National Flood Insurance Program (NFIP) through March 31, 2010. The current program is due to expire at the end of September--"right in the middle of hurricane season," as the news release announcing the extension pointed out.

House Financial Services Committee Chairman Barney Frank (D-Massachusetts) and Financial Services Housing Subcommittee Chairwoman Maxine Waters (D-California) were the two members who took the lead in introducing the new legislation. The two senior lawmakers announced it is their intent to draft "a new bipartisan measure to reform the NFIP."

In a press release announcing the bill, Waters was quoted saying, "We saw the importance of this program following Hurricane Katrina and other storms that have devastated the Gulf Coast. Letting the program expire in the middle of hurricane season would have very serious repercussions for areas prone to flooding. …

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