WASHINGTON—House Financial Services Committee Chairwoman Rep. Maxine Waters (D-CA) and ranking member Rep. Patrick McHenry (R-NC) have introduced legislation to extend the National Flood Insurance Program (NFIP) through Sept. 30. The current authorization is set to expire on May 30.
In their joint statement, Waters and McHenry announced their legislation as a standalone bill, which would allow the bill to move forward even if the disaster bill stalls in the Senate, NAFCU said.
“We have introduced legislation to extend the NFIP’s authorization to Sept. 30, 2019. It is important that Congress does not allow the National Flood Insurance Program to lapse,” the legislators said in a statement. “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.”
NAFCU noted that it has consistently urged congressional leaders to not let the NFIP lapse, as it would put millions of Americans at risk. Authorization to extend the NFIP was included in the $19 billion disaster aid bill that passed in the House on May 10. Final passage of the bill would require the approval of both the Senate and President Donald Trump, who has expressed his opposition to the overall House disaster package.