House and Senate supporters of legislation to modify 2012's NFIP reform law held a meeting Oct 1 to “build momentum” for prompt action to ease the impact of rate increases on affected homeowners.
Sen. Mary Landrieu, D-La., joined six other senators at a midday press conference Tuesday to support a “comprehensive legislative package” aimed at “delaying, amending or significantly modifying” the Biggert-Water Flood Insurance Reform Act that passed last year.
In some cases, the law mandates increases in flood insurance of up to 3,000 percent for policies written by the National Flood Insurance Program.
The press conference added more drama to a day that began with a government shutdown. According to various officials, the shutdown has resulted in the furloughing of 800,000 employees and continuation of work with no commitment as to when they will be paid for 1 million more federal workers.
Joining Landrieu were Sens. David Vitter, R-La., Bill Nelson, D-Fla., Marco Rubio, R-Fla., Heidi Heitkamp, D-N.D., John Hoeven, R-N.D., and Bob Menendez, D-N.J.
“Our message is very clear today: The government may be in the process of shutting down, but my colleagues and I have our eyes on finding a solution for the 5 million Americans—and almost 500,000 Louisianans—who have flood-insurance policies that are facing significant rate increases today,” Landrieu said.
“Our flood-insurance program is not functioning the way it should and is putting a great number of people at risk,” Landrieu said.
Landrieu and Nelson also confirmed that they had sought to add an amendment to the Senate version of a continuing resolution dealing with flood insurance aimed at keeping the government running
The amendment would have delayed rate increases under Biggert-Waters for one year. While she is committed to a more comprehensive solution, Landrieu said she believes “immediate rate relief is needed while Congress continues to debate different legislative solutions.”
However, a member of the Senate leadership, Sen. Charles Schumer, D-New York, acknowledged that action on any legislation modifying the 2012 law is unlikely to be taken up by Congress until November.
In the House, 73 members called on leadership of both parties “to take immediate action” to address affordability issues surrounding the NFIP.
The letter was spearheaded by Rep. Maxine Waters, D-Calif., a named member of the law in question. She is ranking minority member of the House Financial Services Committee. Another key supporter is Rep. Bill Cassidy, R-La. He is running for Landrieu's Senate seat.
The letter calls for the House to provide relief to flood-insurance policyholders currently facing excessive rate increases by urging leadership to add a provision to any appropriate legislative vehicle. In July, this provision–then offered as an amendment to the Homeland Security Funding Bill – received broad bipartisan support with over 280 House Members voting in favor of it, the letter notes.
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