[Congressional Record (Bound Edition), Volume 157 (2011), Part 14]
[Senate]
[Page 19081]
[From the U.S. Government Publishing Office, www.gpo.gov]




               NATIONAL FLOOD INSURANCE PROGRAM EXTENSION

  Mr. VITTER. Mr. President, last week I came to the floor and urged 
all of my colleagues on both sides of the aisle to come together in a 
commonsense, bipartisan way and extend for a significant period of time 
the very important National Flood Insurance Program. That program, 
which is essential to the country, involves a lot of properties 
essential to real estate closings, to allow that important part of our 
economy to happen as we struggle to get out of this recession. That 
program would otherwise expire 1 week from this Friday.
  I also wrote Senator Reid that same day, as I came to the floor, 
urging him to support this legislation, extending this vital program, 
to be passed quickly, hopefully unanimously, through the Senate.
  The good news is that I have reached out to many folks--Democrats and 
Republicans--since then, and we have continued to build consensus to do 
that, to make sure there is no threat of the National Flood Insurance 
Program lapsing yet again, as it did, unfortunately, four times in 
2010--no good reason--for a total of 53 days. Every time that happens 
or is even threatened to happen, within a few days there is great chaos 
and uncertainty in the real estate market. Good closings are put off. 
Our economy slows down for no good reason, as we need every closing in 
sight to do exactly the opposite and to improve the economy. Again, the 
good news is that we have built consensus, and I think we have reached 
consensus to avoid that sort of lapse. So I return to the floor today 
to get that formally done.
  I ask unanimous consent that the Senate proceed to the immediate 
consideration of S. 1958, my bill, to extend the National Flood 
Insurance Program well into next year, to May 31, which I introduced 
earlier today.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The assistant legislative clerk read as follows:

       A bill (S. 1958) to extend the National Flood Insurance 
     Program until May 31, 2012.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. VITTER. Mr. President, I know of no further debate on this 
measure. I will have a few closing comments after we formally pass it, 
but I urge its passage.
  The PRESIDING OFFICER. The question is on the engrossment and third 
reading of the bill.
  The bill was ordered to be engrossed for a third reading and was read 
the third time.
  The PRESIDING OFFICER. The bill having been read the third time, the 
question is, Shall the bill pass?
  The bill (S. 1958) was passed, as follows:

                                S. 1958

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

     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 
     ``September 30, 2011'' and inserting ``May 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 ``September 30, 2011'' and inserting ``May 31, 
     2012''.
       (c) Repeal.--The Continuing Appropriations Act, 2012 
     (Public Law 112-36; 125 Stat. 386) is amended by striking 
     section 130.

  Mr. VITTER. Mr. President, I ask unanimous consent the motion to 
reconsider be considered made and laid upon the table and any 
statements be printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. VITTER. Mr. President, in closing, I thank everyone, on both 
sides of the aisle, who worked in a very commonsense way to get this 
done. Again, sort of the worst case scenario is what we all experienced 
in 2010. Four different times in 2010 the program actually lapsed, a 
total of 53 days. More times than that it came within a few days of 
lapsing and created great uncertainty in the real estate market.
  We do not need any of that. We have been trying to struggle out of a 
recession and a very bad economy which has been led by a real estate 
downturn. We need every good closing we can get. Giving the market this 
certainty over a week before it would otherwise expire is very good as 
we try to create that certainty and build a better economic climate.
  I am happy we came together in a commonsense bipartisan way to extend 
the National Flood Insurance Program, as is, to May 31. Let me also say 
in closing I strongly support a full 6-year reauthorization of the 
program. I have worked on that bill with many others in the relevant 
Senate committee, the Senate Banking Committee. We have reported a good 
bill out of committee. I want to get that to the Senate floor and merge 
it and compromise it in some reasonable way with the House 
reauthorization.
  We need a full-blown 6-year reauthorization of the program with 
significant reforms. That was obviously not going to happen between now 
and a week from Friday. It is obviously not going to happen a month or 
two into the new year. So we needed to create the certainty this 
extension will create as we continue to work on that full 
reauthorization.
  I yield the floor and suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  The PRESIDING OFFICER. The Senator from Washington.
  Mrs. MURRAY. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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