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House Passes Flood 30-Day Flood Insurance Extension

Posted on 5/18/2012

The House yesterday passed, by a 402-18 vote, a bill (H.R. 5740) that would extend the National Flood Insurance Program (NFIP) for 30 days. The program's current authorization is set expire on May 31. The Senate still must pass the extension legislation.

H.R. 5740 also would require the Federal Emergency Management Agency (FEMA) and Government Accountability Office to conduct separate studies assessing ways to privatize the NFIP, and mandate that FEMA "assess the capacity of the private reinsurance, capital and financial markets by seeking proposals to assume a portion of the program's insurance risk."

The House passed an NFIP five-year reauthorization and reform bill (H.R. 1309) last July, and the Senate Banking Committee approved its version of such legislation on September 9.

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