H.R. 5569: To extend the authorization of the National Flood Insurance Program

H.R. 5569

To extend the authorization of the National Flood Insurance Program

Sponsor
Rep. Maxine Waters

Date
June 24, 2010 (111th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

The House is expected to consider H.R. 5569 on the House floor on Wednesday, June 23, 2010, under a motion to suspend the rules, requiring a two-thirds majority vote for passage.  This legislation was introduced by Rep. Maxine Waters (D-CA) on June 22, 2010.

 

Bill Summary

H.R. 5569 would provide a temporary extension of the National Flood Insurance Program through September 30, 2010.  The reauthorization would be retroactive to May 31, 2010, and the bill would reduce the program’s borrowing authority by $50 million.

Background

The NFIP is facing serious financial challenges and cannot afford to continue on its current path.  The GAO has included the NFIP on its annual list of high-risk government programs since 2006 because of its ongoing potential to incur billions of dollars in losses.  With an $18 billion debt to the Treasury and the persistence of subsidized premium rates for properties in high-risk areas, the NFIP continues to be underfunded and federal taxpayers remain at risk.  This year, the NFIP has been suspended three times.  Congressional authorization for the NFIP expired on May 31, 2010.

Cost

According to the CBO, H.R. 5569 would have no net impact on the federal budget.