[Congressional Record Volume 164, Number 128 (Monday, July 30, 2018)]
[Senate]
[Page S5445]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                    National Flood Insurance Program

  Mr. CASSIDY. Mr. President, last week, the House voted 
overwhelmingly, by a vote of 366 to 52, to extend the National Flood 
Insurance Program for 4 months, until November 30, 2018. The purpose is 
to allow for the continued reform efforts of this program so as to make 
it more accountable, more affordable, and more sustainable. Two weeks 
ago, the Senate demonstrated almost unanimous support for a 6-month 
extension of the National Flood Insurance Program, by a vote of 94 to 
5.
  The NFIP, as the Flood Insurance Program is called, insures 
properties in every State--approximately 6 million homes and businesses 
and over $1.2 trillion in assets. The current law has it set to expire 
at 11:59 p.m. tomorrow, on July 31. If the NFIP is not extended, people 
will not be able to renew their flood insurance policies or purchase 
new ones. That means more will be uninsured during the peak of 
hurricane season. That is not acceptable. According to the National 
Association of Realtors, letting the NFIP expire would cost up to 
40,000 property sales per month, or about 1,330 home sales per day.
  Last week, the Senate tried to pass the short-term extension that the 
House had passed by unanimous consent, but we were unable to. So, on 
Friday, cloture was filed in the Senate on the 4-month extension that 
the House passed. The problem is that the cloture vote will not occur 
until Wednesday, setting up the final passage of the extension on 
Thursday. That means that the NFIP would lapse for 2 days.
  This is totally avoidable. Its delay does nothing to advance reforms 
within the NFIP, many of which I proposed a year ago in a long-term 
reauthorization bill that I had introduced with colleagues from New 
York and West Virginia. A lapse does disrupt real estate transactions 
for the 2,600 Americans who are trying to close on their homes--perhaps 
on their first homes--over the next couple of days. By the way, these 
are not million-dollar properties, for 98.5 percent of NFIP properties 
are in parishes or counties with median household incomes of below 
$100,000, and 62 percent are in parishes or counties with median 
household incomes below the national average of $54,000.
  Congress has always honored the flood insurance policies that NFIP 
policyholders have had. Therefore, I urge my colleagues to expedite the 
consideration of the National Flood Insurance Program's 4-month 
extension and pass it by unanimous consent.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from Pennsylvania.
  Mr. CASEY. Mr. President, I ask unanimous consent to speak as in 
morning business.
  The PRESIDING OFFICER. Without objection, it is so ordered.