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Committee on Financial Services
United States House of Representatives
Press Release
Chairman Frank Statement on Flood Insurance Program Extension
September 24, 2010
Washington, D.C. – The House of Representatives yesterday approved legislation (S. 3814) to extend the National Flood Insurance Program through September 30, 2011. Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the extension today.
“In July the House passed legislation making improvements to the National Flood Insurance Program. While we are eager for the Senate to pass such legislation, I am pleased that we have sent this extension to the President. This extension will prevent any gap or disruption in the important work that the program does while the Congress completes its work on legislation to improve it.”
Background: The NFIP is the primary source of reliable, affordable flood insurance coverage for more than five million American homes and businesses. The legislation approved by the House in July, H.R. 5114, makes additional improvements to the flood insurance program by phasing in actuarial rates for pre-FIRM properties – those built before the effective date of the first Flood Insurance Rate Map for a community. It also raises maximum coverage limits, provides notice to renters about contents insurance and establishes a Flood Insurance Advocate, similar to the Taxpayer Advocate at the Internal Revenue Service.
For more information on the H.R. 5114, click here.
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