Committee Passes First Round of Flood Insurance Bills

WASHINGTON, June 15 -- Rep. Jeb Hensarling, R-Texas, chairman of the House Financial Services Committee, issued the following news release:

The House Financial Services Committee met today (https://financialservices.house.gov/components/redirect/r.aspx?ID=476914-71705811) to begin consideration of several measures to reform and reauthorize the National Flood Insurance Program (NFIP), which is set to expire on September 30, 2017.

"We cannot continue to call on the American taxpayer to bailout a program that is currently drowning in $25 billion of red ink and suffers a $1.4 billion annual actuarial deficit," said Financial Services Committee Chairman Jeb Hensarling (R-TX). "These bills put the National Flood Insurance Program on a path toward actuarial soundness where all will be protected, no one will be denied a policy, all will benefit from competition, the NFIP will be sustainable, and the national debt clock will spin a little less rapidly."

The bills that passed the Committee today were:

H.R. 2868, the National Flood Insurance Program Policyholder Protection Act of 2017

Sponsor: Rep. Lee Zeldin (R-NY)

The bill would protect NFIP policyholders from unreasonable premium rates and require FEMA to conduct a study to analyze the unique characteristics of flood insurance coverage of urban properties.

The bill passed the Committee by a vote of 53-0.

H.R. 2874, the 21st Century Flood Reform Act of 2017

Sponsor: Rep. Sean Duffy (R-WI)

The bill would improve the financial stability of the National Flood Insurance Program; enhance the development of more accurate estimates of flood risk through new technology and better maps; increase the role of private markets in the management of flood insurance risks; and provide for alternative methods to insure against flood peril.

The bill passed the Committee by a vote of 30-26.

The Committee will reconvene on Wednesday, June 21 at 10:00 A.M. to consider the remaining 4 bills to reauthorize the NFIP. The markup will take place in Room 2128 of the Rayburn House Office Building and will be broadcast live on www.financialservices.house.gov/.