Extension of the National Flood Insurance Program

Floor Speech

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.

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