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Rep. Frank Suggests Another Committee Take Over Jurisdiction of NFIP

House Financial Services Committee Chairman Barney Frank (D-Mass.) is suggesting that another committee take over jurisdiction of the National Flood Insurance Program (NFIP). Frank made...
February 12, 2010

House Financial Services Committee Chairman Barney Frank (D-Mass.) is suggesting that another committee take over jurisdiction of the National Flood Insurance Program (NFIP). Frank made the comment to a lobbying group, adding he will seek another short-term reauthorization of the flood insurance program. He didn't say how short.

Commenting in the National Underwriter, PIA Senior Vice President of Communications Ted Besesparis expressed skepticism that changing committee jurisdiction will break the congressional logjam. "Switching committee jurisdictions will [not] adequately address the underlying problem, which is that Congress needs to set for itself a reasonable schedule to consider a comprehensive NFIP reform bill that includes a five-year reauthorization."

Currently, the NFIP is operating on its fourth extension since its authorization originally expired Sept. 30, 2009. Another renewal is being delayed because of disagreements between the House and Senate over whether wind damage coverage should be added to the program, whether the program's current $20 billion deficit should be paid off by the government, and how the program should be reformed and modernized. PIA opposes adding wind coverage to the NFIP and supports debt forgiveness.

Talk of Swapping NFIP's Oversight Committee (National Underwriter 2/5)

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