Senate to Vote on 60-Day Extension of Flood Insurance Program

May 24, 2012

U.S. Sen. David Vitter, R.-La., said he and Senate Majority Leader Harry Reid, D.-Nev., have forged a bipartisan agreement to allow floor time on a five-year extension of the National Flood Insurance Program (NFIP) when it returns after Memorial Day weekend for the Congressional work period that runs June 2 through July 1.

Meanwhile, the Senate is also planning to agree to a short term 60 day extension of the NFIP this week.

The House has already approved a 30-day extension of the program that will expire next week on May 31 if Congress fails to act.

More than 10 months ago, the House also passed a five-year reauthorization bill that includes reforms but similar legislation has been stalled in the Senate.

Congress has approved more than a dozen short-term extensions of the NFIP in the past few years. Vitter said this latest agreement, while involving yet another short-term extension, should end the stalemate over the long-term fix to the debt-ridden federal program.

“The National Flood Insurance Program has been barely hobbling along with a Band-Aid approach – extending it for short periods of time. Reaching an agreement to allow the Senate to fully debate this on the floor and to work on getting it reauthorized for five years will be great, much needed news for homeowners and the housing market,” Vitter said. “Moving the ball forward on this is a big, big step, especially as we approach hurricane season.”

 

 

Subscribe Insurance news headlines delivered to your email.
Get a free subscription to our popular email newsletter.

Latest Comments

  • May 25, 2012 at 2:46 pm
    Agent says:
    I agree Wayne. That points out the problem we have with Dirty Harry. He does not permit legislation coming from the House to be debated or voted on. Where are the other 99 ... read more
  • May 25, 2012 at 2:08 pm
    Wayne says:
    It appears you know very little about how the government fuctions. Since it was already pointed out that your count was off, I won't belabor that but simply answer your questi... read more
  • May 24, 2012 at 2:52 pm
    Agent says:
    Wayne, I couldn't have said it better myself. Dirty Harry should have been out of there a long time ago. How many bills have the House sent over only to have him pronounce th... read more
See all comments

Add a Comment

Your email address will not be published. Required fields are marked *

*

More News
More News Features