Congressman Mike Fitzpatrick (PA-08) announced today that a compromise was reached on Friday to promote pro-growth economic policies and reauthorize several key federal programs, namely the Highway Program, student loan rates and the National Flood Insurance Program.
"I am pleased to have reached this compromise with the Senate to extend these important programs," said Fitzpatrick. "This legislation makes targeted and responsible investments in highways and public transportation, provides students with much-needed certainty for interests rates on their loans, and reauthorizes the National Flood Insurance Program, a vital program for many communities in Bucks and Montgomery counties."
"My number one priority is pursuing policies which will put Americans back to work, and this legislation will create at least 2.8 million family-sustaining jobs. I urge the Senate to join me in taking up the dozens of jobs bills the House has passed since this Congress began with the same spirit of cooperation in the interest of providing economic relief to the American people," continued Fitzpatrick.
H.R. 4348, the Moving Ahead for Progress in the 21st Century (MAP-21) Act, extends until 2014 the federal highways program while instituting important reforms which streamline the approval process, consolidates existing programs for increased efficiency, and provides states and local governments with increased flexibility to meet their transportation needs.
This legislation also provides for a five-year extension of the National Flood Insurance Program, the first long-term extension since 2004. It also contains a series of fundamental reforms to the NFIP that the Congressional Budget Office estimates will generate $2.7 billion in revenue to help shore up the program over the next ten years. H.R. 4348 will also offer greater protections to homeowners who purchase insurance through the NFIP.
Finally, the MAP-21 Act provides students seeking loans to continue their education with affordable interest rates by preventing an impending rate hike for one year. Congressman Fitzpatrick has voted to stop student loan rates from increasing from 3.4 percent to 6.8 percent twice this year.