[Congressional Record Volume 158, Number 76 (Thursday, May 24, 2012)]
[Senate]
[Page S3611]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
EXTENSION OF THE NATIONAL FLOOD INSURANCE PROGRAM
Mr. REID. Mr. President, as we have noted on the floor many times in
the last few days, the Flood Insurance Program covers almost 6 million
people. It was set to expire next week. If it were to expire, new
housing construction would stall--in fact, it may come to a halt--real
estate transactions would come to a screaming halt, and taxpayers would
be on the hook for future disasters. We have no choice. We have to get
this done.
I appreciate the work of Chairman Johnson, Ranking Member Shelby, the
chairman of the subcommittee, Senator Tester, and Ranking Member
Vitter. I also appreciate the work that was put into this effort by
Senator Coburn, who worked closely with Senator Schumer, and we were
able to get this extension done. I am grateful for everyone's help. It
was team work that got us where we are.
Mr. President, I ask unanimous consent that the Senate proceed to
Calendar No. 407, H.R. 5740, flood insurance extension; that a Johnson
of South Dakota substitute amendment, which is at the desk, be agreed
to; that the bill, as amended, be read a third time and passed; and
that motions to reconsider be laid upon the table, with no intervening
action or debate. And if anyone has anything to say about this, they
can put it in the Record.
The PRESIDING OFFICER. Is there objection?
Without objection, it is so ordered.
The amendment (No. 2154) was agreed to, as follows:
(Purpose: In the nature of a substitute)
Strike all after the enacting clause and insert the
following:
SECTION 1. EXTENSION OF THE 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
``the earlier of the date of the enactment into law of an Act
that specifically amends the date specified in this section
or May 31, 2012'' and inserting ``July 31, 2012''.
(b) Financing.--Section 1309(a) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4016(a)) is amended by
striking ``the earlier of the date of the enactment into law
of an Act that specifically amends the date specified in this
section or May 31, 2012'' and inserting ``July 31, 2012''.
SEC. 2. EXCLUSION OF VACATION HOMES AND SECOND HOMES FROM
RECEIVING SUBSIDIZED PREMIUM RATES.
(a) In General.--Section 1307(a)(2) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4014(a)(2)) is amended by
inserting before ``; and'' the following: ``, except that the
Administrator shall not estimate rates under this paragraph
for any residential property which is not the primary
residence of an individual''.
(b) Phase-out of Subsidized Premium Rates.--Section 1308(e)
of the National Flood Insurance Act of 1968 (42 U.S.C.
4015(e)) is amended--
(1) by striking ``under this title for any properties
within any single'' and inserting the following: ``under this
title for--
``(1) any properties within any single''; and
(2) by striking the period at the end and inserting the
following: ``; and
``(2) any residential properties which are not the primary
residence of an individual, as described in section
1307(a)(2), shall be increased by 25 percent each year, until
the average risk premium rate for such properties is equal to
the average of the risk premium rates for properties
described under paragraph (1).''.
(c) Effective Date.--The first increase in chargeable risk
premium rates for residential properties which are not the
primary residence of an individual under section 1308(e)(2)
of the National Flood Insurance Act of 1968, as added by this
Act, shall take effect on July 1, 2012, and the chargeable
risk premium rates for such properties shall be increased by
25 percent each year thereafter, as provided in such section
1308(e)(2).
SEC. 3. COMPLIANCE WITH PAYGO.
The budgetary effects of this Act, for the purpose of
complying with the Statutory Pay-As-You-Go Act of 2010, shall
be determined by reference to the latest statement titled
``Budgetary Effects of PAYGO Legislation'' for this Act,
submitted for printing in the Congressional Record by the
Chairman of the Senate Budget Committee, provided that such
statement has been submitted prior to the vote on passage.
The amendment was ordered to be engrossed and the bill to be read a
third time.
The bill (H.R. 5740), as amended, was read the third time was passed.
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