The Senate's farm bill would prevent the July 31 lapse of the National Flood Insurance Program, but it still needs to be debated in conference with the House.
As Congress moves quickly toward passing regulatory relief legislation, another financial services policy goal — long-term reform of the National Flood Insurance Program — remains stalled.
The House approved a five-year extension of the National Flood Insurance Program on Tuesday, but it remains unclear whether the Senate will seek to pursue its own bill. The program is due to expire Dec. 8.
While the House disaster relief bill would provide $16 billion in debt relief for the National Flood Insurance Program, it does not include a Trump administration proposal to ban new construction in flood-prone areas.
The House passed a bill Thursday making it easier to obtain private flood insurance policies, but moments later the Senate took a pass on the legislation.
The long-term recovery for thousands of Texans whose homes were decimated by Hurricane Harvey rests with a Trump administration government outsider who wants his agency's budget cut by billions of dollars.
The need to raise the U.S. debt limit, pass a budget, provide relief for victims of Hurricane Harvey and enact flood insurance and tax reform will dominate the remaining legislative calendar this fall.
Readers sound off on flood insurance costs, states’ consumer protection efforts, a bank’s local farming project, the dismissal of a CFPB lawsuit, and more.
The massive flooding in Texas is sure to put pressure on lawmakers to resolve differences over the National Flood Insurance Program, but a short-term extension of the program is still the most likely scenario.
