U.S. Representative Judy Biggert (R-IL-13), Chairman of the House Financial Services Subcommittee on Insurance, Housing, and Community Opportunity, today issued the following statement after the Senate Banking Committee approved legislation similar to Biggert's House bill that would reauthorize the National Flood Insurance Program (NFIP), which is set to expire on September 30th:
"Reaching a consensus on this legislation before the NFIP expires at the end of the month is absolutely vital, especially during hurricane season. Any lapse in the program could cause a major interruption in the housing recovery and threaten the availability of flood protection for thousands of homeowners. Moreover, failure to reform this program now would leave taxpayers at tremendous financial risk.
"The House and Senate versions of this bill include far more areas of agreement than disagreement, and I'm confident that we can work out a compromise. I think that the House bill, which won overwhelmingly bipartisan support, strikes the right balance by phasing out subsidies, reducing the burden on taxpayers, opening new avenues for private sector participation, and restoring integrity to the flood mapping system. The NFIP is too important to let lapse, and too in debt to continue without reform. I urge my colleagues in the Senate to work with us to make the changes that are needed now, and send a final product to the President before September 30th."