Washington–House members grudgingly approved an increase in federal borrowing authority to $20.8 billion today to pay the costs of the financially strapped National Flood Insurance Program.
House lawmakers cautioned that the increase to the Federal Emergency Management Agency's borrowing authority could be the last unless significant reforms are included in the next request. FEMA is the flood program's parent agency.
The legislation, S. 2275, was agreed to by a voice vote, and would increase the agency's borrowing authority from $18.5 billion to $20.8 billion. The bill will now go to the Senate, which has written a version of the legislation that would raise the borrowing amount to $21.2 billion.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
