BANKING COMMITTEE PASSES FLOOD INSURANCE REAUTHORIZATION
September 8, 2011
WASHINGTON – Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a markup of the Flood Insurance Reform and Modernization Act of 2011 which reauthorizes the National Flood Insurance Program (NFIP) for five years and makes critical improvements to the long term stability of the program. The Committee approved the bill with bipartisan support by unanimous voice vote and it will now be sent to the floor for consideration by the full Senate. Below is Senator Johnson’s statement following the markup.
“It is reassuring to see that in today’s often toxic politic environment it is still possible to put politics aside and work together in the interest of the American people. So far, this bill has been a good example of the way the legislative process is intended to work. No one got everything they wanted, but everyone was willing to come together and find a compromise that allows Americans to protect their homes and businesses in the event of a flood.
“This bill provides long-term stability with a 5-year reauthorization period, sets the program on a more fiscally-sound path, phases-in premium increases to assist homeowners, and helps educate consumers about their flooding risks. I thank Ranking Member Shelby, Economic Policy Subcommittee Chairman Tester and Ranking Member Vitter, and all the other Committee Members for their help in moving this bill forward.
“The NFIP expires at the end of the month. Without action, many homeowners will be unable to purchase flood protection for their homes and new real estate transactions in floodplains will stall. I am going to work with leadership to help make sure this bill moves quickly and I am hopeful it receives the same bipartisan cooperation on the Senate Floor.”