Committee Completes Markup of Bills to Reauthorize and Reform National Flood Insurance Program

WASHINGTON, D.C. –- (RealEstateRama) — The House Financial Services Committee met today to complete deliberation of and pass several measures to reform and reauthorize the National Flood Insurance Program (NFIP), which is set to expire on September, 30, 2017.

“While we have a responsibility to provide certainty to the homeowners and small business owners who rely on the NFIP for protection, we must also ensure that the program protects the interests of hardworking taxpayers,” said House Financial Services Committee Chairman Jeb Hensarling (R-TX). “These reform bills will benefit all Americans because they will invite private sector competition and lead to a sustainable flood insurance program – sustainable for homeowners, small business owners, residential and commercial real estate markets, and sustainable for hardworking taxpayers.”

The bills that passed the Committee today were:

HR 2875, the “National Flood Insurance Program Administrative Reform Act of 2017”

Sponsor: Rep. Nydia Velazquez (D-NY)

The bill would make administrative reforms to the NFIP to increase fairness and accuracy and protect the taxpayer from program fraud and abuse.

The bill passed the Committee by a vote of 58-0.

HR 1558, the “Repeatedly Flooded Communities Preparation Act”

Sponsor: Rep. Ed Royce (R-CA)

The bill would amend the National Flood Insurance Act of 1968 to ensure community accountability for areas repetitively damaged by floods.

The bill passed the Committee by a voice vote.

HR 1422, the “Flood Insurance Market Parity and Modernization Act”

Sponsor: Rep. Dennis Ross (R-FL)

The bill would clarify that flood insurance policies written by private carriers satisfy the mandatory purchase requirement.

The bill passed the Committee by a vote of 58-0.

HR 2246, the “Taxpayer Exposure Mitigation Act of 2017”

Sponsor: Rep. Blaine Luetkemeyer (R-MO)

The bill would repeal the mandatory flood insurance coverage requirement for commercial and multifamily properties located in flood hazard areas and to provide for greater transfer of risk under the National Flood Insurance Program to private capital and reinsurance markets.

The bill passed the Committee by a vote of 36-24.

HR 2565, a bill to require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act, and for other purposes.

Sponsor: Rep. Blaine Luetkemeyer (R-MO)

The Bill would require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act.

The bill passed the Committee by a vote of 34-25.

SHARE
Financial Services Committee

The Committee oversees all components of the nation's housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The Committee continually reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund.

The Committee also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws.

Contact:

House Financial Services Committee
Democratic Staff
2129 Rayburn House Office Building,
Washington, DC 20515
Phone: (202) 225-4247
Fax: (202) 225-6952 

Previous articleRealtors® Highlight Flood Insurance Concerns as House Committee Finalizes Key Markup
Next articleMiddleman Pleads Guilty in Foreign Bribery and Fraud Scheme Involving Potential $800 Million International Real Estate Deal