Groups Question Congress’s Will to Overhaul Flood Insurance Program
Concern is growing that Congress may fall into a cycle of extending the troubled National Flood Insurance Program in short spurts and miss the opportunity to overhaul the program, according to some environmental, insurance, and other groups.
The program, which is billions of dollars in debt to the Treasury, was slated to expire in September, but Congress extended its authorization until Dec. 8. Now, a second short-term extension in a future disaster aid package is likely, unless a bipartisan compromise can be reached before the December deadline, Sen. Mike Crapo (R-Idaho), Senate Banking Committee chairman, told reporters.
The frequency and magnitude of floods make it paramount to find a long-term fix for the NFIP, Alan Rubin, principal at Blank Rome Government Relations LLP, told Bloomberg Government.
"There are more and more hurricanes happening," Rubin said. "You're going to be faced with this dilemma again and again and again."
Sometimes, that is what it takes for Congress to make big changes, he said.
To read the full article, please visit Bloomberg BNA's Daily Report for Executives.
"Groups Question Congress's Will to Overhaul Flood Insurance Program," by Brandon Ross was published in Bloomberg BNA on October 27, 2017.