[Congressional Record Volume 156, Number 129 (Thursday, September 23, 2010)]
[House]
[Pages H6951-H6952]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        NATIONAL FLOOD INSURANCE PROGRAM REEXTENSION ACT OF 2010

  Ms. WATERS. Madam Speaker, I move to suspend the rules and pass the 
bill (S. 3814) to extend the National Flood Insurance Program until 
September 30, 2011.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                                S. 3814

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``National Flood Insurance 
     Program Reextension Act of 2010''.

     SEC. 2. EXTENSION OF NATIONAL FLOOD INSURANCE PROGRAM.

       (a) Program Extension.--Section 1319 of the National Flood 
     Insurance Act of 1968 (42 U.S.C. 4026) is amended by striking 
     ``September 30, 2010'' and inserting ``September 30, 2011''.
       (b) Financing.--Section 1309(a) of the National Flood 
     Insurance Act of 1968 (42 U.S.C. 4016(a)) is amended by 
     striking ``September 30, 2010'' and inserting ``September 30, 
     2011''.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
California (Ms. Waters) and the gentlewoman from West Virginia (Mrs. 
Capito) each will control 20 minutes.
  The Chair recognizes the gentlewoman from California.


                             General Leave

  Ms. WATERS. Madam Speaker, I ask unanimous consent that all Members 
may have 5 legislative days within which to revise and extend their 
remarks on this legislation and to insert extraneous material thereon.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from California?
  There was no objection.
  Ms. WATERS. Madam Speaker, I yield myself such time as I may consume.
  Madam Speaker, I rise today to speak in support of S. 3814, the 
National Flood Insurance Program Reextension Act of 2010, which would 
extend the National Flood Insurance Program through September 30, 2011.
  The flood insurance program provides valuable protection for 
approximately 5.5 million homeowners. Unfortunately,

[[Page H6952]]

the lack of a long-term authorization has placed this program at risk. 
The program has lapsed three times now since the beginning of this 
year, for 2 days in March, for 18 days in April, and again from June 1 
to July 1. These lapses meant that FEMA was not able to write new 
policies, renew expiring policies, or increase coverage limits.

                              {time}  1650

  This also means that each day, 1,400 home buyers who wanted to 
purchase homes located in flood plains are unable to close on those 
homes. Given the current crisis in the housing market, this instability 
in the flood insurance program is hampering that market's recovery and 
must be addressed.


 =========================== NOTE =========================== 

  
  September 23, 2010 on Page H6952 the following appeared: homes 
located in flood planes
  
  The online version should be corrected to read: homes located in 
flood plains


 ========================= END NOTE ========================= 

  This is why last June I introduced and President Obama signed into 
law H.R. 5569, the National Flood Insurance Program Extension Act of 
2010. That legislation extended the program through the end of this 
month. However, the expiration of this law is now upon us, so I am 
pleased that the House and Senate are taking preemptive action to 
extend the Flood Insurance Program for an additional year so that we 
don't experience a repeat of the lapses that plagued the first half of 
2010.
  Given the importance of the flood insurance program to America's 
homeowners and communities, I hope that the Senate can act quickly to 
pass my comprehensive flood insurance bill, H.R. 5114, the Flood 
Insurance Reform Priorities Act of 2010. This bill passed the House 
July 15 of this year on a strong bipartisan vote of 329-90.
  My bill would restore stability to the flood insurance program by 
reauthorizing the program for 5 years and would address the impact of 
new flood maps by delaying the mandatory purchase requirement for 5 
years, then phasing in actuarial rates for another 5 years.
  My reform bill also makes other improvements to the program by 
phasing in actuarial rates for pre-FIRM properties, raising maximum 
coverage limits, providing notice to renters about contents insurance, 
and establishing a flood insurance advocate similar to the taxpayer 
advocate at the Internal Revenue Service.
  I hope that the Senate can pass this much needed legislation as soon 
as possible.
  In the meantime, I urge my colleagues to stand with me in support of 
S. 3814 so that the flood insurance program can continue to serve our 
homeowners and communities without interruption.
  I reserve the balance of my time.
  Mrs. CAPITO. I yield myself such time as I may consume.
  Madam Speaker, I rise today in support of S. 3814, which extends the 
National Flood Insurance Program through September 30, 2011. I feel 
like we're deja vu all over again. We've done this several times, I 
think, in the last several months and years. That timeframe will give 
us ample opportunity to craft a bill that fundamentally reforms the 
program, which needs fundamental reform.
  It's unfortunate this Congress has, to date, been unable to enact 
comprehensive reform of the flood insurance program. Currently, as we 
know, the flood insurance program is carrying a debt of $18 billion. 
The program remains underfunded and unable to meet its potential 
obligations. And its financial shortfall continues to place taxpayers 
at risk for the cost of property losses caused by flooding.
  On July 15, 2010, the House approved H.R. 5114, the Flood Insurance 
Reform Priorities Act, which included many constructive reforms. 
However, many of us on this side of the aisle felt that the measure did 
not go far enough to put the NFIP on a path towards sound financial 
footing. In fact, despite the reforms included in H.R. 5114, which 
included several Republican amendments, the CBO projected that if H.R. 
5114 were enacted, the National Flood Insurance Program would still 
need to borrow additional funds from the U.S. Treasury to cover losses 
and would exhaust its current borrowing authority by the year 2013.
  Today, to avoid another lapse in a program that serves 5.5 million 
residential and business property owners, we are considering S. 3814, 
the National Flood Insurance Program Reextension Act of 2010, which 
passed the Senate by voice vote on Tuesday, September 21, 2010.
  S. 3814 provides for a straightforward 1-year extension of the NFIP, 
which otherwise would expire on September 30. According to the 
Congressional Budget Office, enactment of this bill would have no net 
impact on the Federal budget.
  Madam Speaker, we must move forward with fundamental and fiscally 
responsible reforms of the Flood Insurance Program. S. 3814 extends the 
NFIP, as I've said, through September 30, 2011, allowing borrowers in 
flood-prone areas like mine to close on their mortgage loans and 
providing Congress the time it needs to enact real reforms. I urge my 
colleagues to support this legislation.
  I yield back the balance of my time.
  Ms. WATERS. I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from California (Ms. Waters) that the House suspend the 
rules and pass the bill, S. 3814.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the bill was passed.
  A motion to reconsider was laid on the table.

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