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House Passes $16 Billion NFIP Debt Relief

The U.S. House has passed a $36.5 disaster relief package to help in hurricane and wildfire recovery efforts. The package included $61 billion in loan forgiveness for the financially beleaguered National Flood Insurance Program...
October 17, 2017

The U.S. House has passed a $36.5 disaster relief package to help in hurricane and wildfire recovery efforts. The package included $61 billion in loan forgiveness for the financially beleaguered National Flood Insurance Program (NFIP).

“PIA is pleased by the inclusion of the $16 billion in debt relief for the National Flood Insurance Program,” said PIA in a statement. “This will allow the NFIP to continue to pay claims arising out of hurricanes Harvey, Irma, and Maria, as it had already reached its borrowing limit last month.”

The House approved the relief package October 12 on a 353-to-69 vote; the Senate is expected to take up the bill the week of October 16. There are indications that some in the Senate consider the House package inadequate. Sen. John Cornyn (R-Texas), a member of the Republican leadership, said he and other lawmakers aren’t happy. “This bill doesn’t come close to filling out the reasonable requests that have been made to rebuild and recover from Hurricane Harvey,” he said on the Senate floor. “Texas needs more and the state deserves it, too, after all it’s gone through. We’re not going to throw up our hands and relent.”

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