You are here:HomeIssuesFlood Insurance2012Obama Asks for $10 Billion Increase in NFIP Borrowing Authority

Obama Asks for $10 Billion Increase in NFIP Borrowing Authority

The borrowing authority for the National Flood Insurance Program would be increased 50 percent, to $30.4 billion, as part of a Superstorm Sandy supplemental budget request submitted to Congress by the Obama administration late Friday...
December 12, 2012

The borrowing authority for the National Flood Insurance Program would be increased 50 percent, to $30.4 billion, as part of a Superstorm Sandy supplemental budget request submitted to Congress by the Obama administration late Friday. Michael Chaney, Mississippi insurance commissioner and head of the flood insurance working group for the National Association of Insurance Commissioners, says the request for increased funding is appropriate. He said he thinks the increase in borrowing authority will be included in the package that deals with preventing the so-called “fiscal cliff.”

On November 15, the PIA National Government Affairs Committee (GAC) unanimously passed a resolution supporting an expected request from FEMA for increased borrowing authority to accommodate losses from Sandy. PIA will lobby Congress for such legislation.

PIA Supports Raising Borrowing Authority of NFIP (12/11/12)

Filed under: