NU Online News Service, July 26, 2:50 a.m. EDT
WASHINGTON—Markup of legislation reauthorizing the National Flood Insurance Program (NFIP) in the Senate has been delayed for at least a week—and could be pushed back until early September.
The delay is linked to ongoing talks on raising the debt ceiling, which Obama administration officials say must be done before Tuesday, Aug. 2.
Markup of the legislation was tentatively set for Thursday, and a draft of the legislation as crafted by the leadership of the committee—Sen. Tim Johnson, D-S.D., chairman, and Sen. Richard Shelby, R-Ala., ranking minority member—was released last week.
However, industry lobbyists said late Monday that the drama over the debt-ceiling issue is affecting all legislative business, and that the banking panel leadership had decided to delay the markup for at least a week.
Several lobbyists acknowledged that once Congress acts on the debt-ceiling issue, Congress may call it a day and adjourn for its month-long summer recess before the current scheduled Aug. 8 departure.
Currently, Congress is scheduled to return Sept. 7, congressional staffers said.
On July 12, the House passed legislation that would reauthorize the NFIP until Sept. 30, 2016. The final vote on H.R. 1309, the Flood Insurance Reform Act of 2011, was 406-22.
The current authorization for the program expires on Sept. 30, 2011.
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
© 2024 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.
