U.S. Sen. David Vitter, R-La., has sent a letter to Senate Majority Leader Harry Reid urging him to allow a one-year extension of the National Flood Insurance Program to pass the Senate by unanimous consent. The NFIP is currently scheduled to end on Dec. 16, 2011.
Vitter has introduced legislation (S.1864) to extend the NFIP through Sept. 30, 2012. He and others support a longer term extension, however legislation for a long term extension tied to NFIP reforms has been stalled in Congress. Vitter’s stopgap bill does not include any reforms.
“Last year Congress allowed the NFIP to lapse four times for a total of 53 days during which individuals could not acquire flood insurance,” Vitter said. “Each time the NFIP approaches its expiration date it causes a great deal of turmoil in the housing market because of the uncertainty surrounding the program, and we can easily prevent this from happening.”
Was this article valuable?
Here are more articles you may enjoy.