WASHINGTON—FEMA's Roy Wright called for a multi-year reauthorization of the National Flood Insurance Program while testifying before the Senate Banking Committee, which has prioritized reauthorizing the program before the NFIP's current funding ends Sept. 30.
Wright, FEMA's deputy associate administrator for insurance and mitigation, also called for a multiyear reauthorization when testifying before the House Financial Services Subcommittee on Housing and Insurance on the same issue last week, NAFCU noted, adding that Wright did not specify how many years the reauthorization should cover.
Speaking to the Senate panel, Wright answered questions focused on affordability issues, the potential for multiyear reauthorization, privatization, technology issues and debt solvency, reported NAFCU.
The House subcommittee will hold another hearing on the topic Thursday at 2 p.m. ET, which will feature input from stakeholders involved in insurance and disaster relief. The Senate committee is expected to hold another hearing on the topic in the next few weeks, noted NAFCU.