Sen. Cassidy Urges Senate to Avert NFIP Shutdown, Secures Tuesday Vote to Extend Program
With the National Flood Insurance Program (NFIP) scheduled to shut down tomorrow night,
Earlier this month, the
More than a year ago, Cassidy and Senators
A transcript of Cassidy's remarks on the
CASSIDY: Mr. President, last week the House voted overwhelmingly by 366-52 to extend the National Flood Insurance Program for four months, until
Two weeks ago, the
Now, the NFIP, as the flood insurance program is called, insures properties in every state, approximately six million homes and businesses, over
Current law is set to expire at
Now, if the NFIP is not extended, people will not be able to renew their flood insurance policies or purchase new ones. That means more will be uninsured during the peak of hurricane season. That is not acceptable. According to the
Now, last week the
The problem is that cloture vote will not occur until Wednesday, setting up the final passage of the extension on Thursday. This means the NFIP would lapse for two days.
Now, it is totally avoidable. It does nothing to advance reforms within the NFIP, many of which I proposed a year ago in a long-term reauthorization bill introduced with colleagues from
A lapse does disrupt real estate transactions for the 2,600 Americans trying to close on their home, perhaps their first home, over the next couple days. And by the way, these are not million-dollar properties: 98.5 percent of NFIP policies are in parishes or counties with a median household income below
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