WASHINGTON (March 1, 2010)- For the second consecutive time, Congress has failed to extend the National Flood Insurance Program before its expiration date and has allowed it to lapse.
“Failing to act in time – again – and allowing the National Flood Insurance Program to expire is disconcerting,” said Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies (NAMIC). “If nothing else, this episode should make it clear that short-term extensions, which can be blocked by any Senator or congressional caucus, are untenable.”
Along with short term extensions for numerous other federal programs, the NFIP extension was derailed when a Senator objected to a motion to pass the bill on the Senate floor. The extension package was brought to the floor just days before the NFIP and other programs were set to expire, leaving no time for an alternate plan to keep the NFIP up and running.
“Members of Congress have exposed millions of Americans to costly liabilities by allowing the program to lapse again,” said Grande. “Providing protection from flood losses should be more of a priority for the government. After one of the stormiest winters on record, and with hurricane season fast approaching, it is unfortunate that Congress would fail to act on this issue and put millions of Americans’ financial security at risk.”
Congress has extended the NFIP on a short term basis several times over the past few years. The most recent extension, passed in late December, was approved after the NFIP had been allowed to lapse for roughly nine hours.
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