To extend the authorization of the national flood insurance program, and for other purposes.

Mr. Speaker, I rise today in reluctant support really of H.R. 6965 to extend the authorization of the National Flood Insurance Program. I would prefer that this would be a debate on a consensus reform package that would put the National Flood Insurance Program on a more actuarially sound footing.

Both the House and Senate have passed separate bills that include important and necessary reforms. However, there are significant differences between the two packages. And, unfortunately, we have been unable to reach a compromise on our differences.

Although there are differences in the two approaches, there are some similarities. For instance, both measures would reauthorize the flood program for 5 years and include important reforms to phase out premium subsidies and require more realistic pricing that is actuarially sound and based on the actual risk of flooding. Both bills would also phase out rate subsidies for nonresidential properties and non-primary residences.

One of the great challenges for this program is the debt, which presents an ongoing challenge and stands at $17.4 billion resulting from the 2005 hurricanes. Any flood program reform package has to address the NFIP's debt, the interest payments on that debt and the net impact that they have on the budget.

We also have to face the reality of new claims in the pipeline to cover losses from Hurricanes Ike and Gustav, as well as the flooding in the Midwest earlier this summer.

Both bills contain strong and prudent reforms designed to strengthen the flood program, phase out subsidies, and encourage a premium pricing structure that is based on the actual risk of property loss from flooding.

The National Flood Insurance Program is currently set to expire on September 30. For this reason we are today considering a simple 7-month extension designed to keep the flood insurance program up and running past the September 30 deadline. Allowing the flood insurance program to expire could cause serious disruptions to the mortgage market and we could not afford to let that happen, especially in light of our current financial instabilities. A 7-month extension would allow Congress time to complete their work on a comprehensive reform package.

I want my colleagues in the House to know that the Republican members on the Financial Services Committee remain committed to enacting comprehensive reforms that not only modernize the National Flood Insurance Program so that homeowners will continue to have access to flood insurance, but also to protect the American taxpayer at the same time. I urge passage of this bill.

I reserve the balance of my time, although I have no further speakers.

I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 6965) to extend the authorization of the national flood insurance program, and for other purposes.

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Mr. Speaker, I yield myself such time as I may consume.

(Mr. WATT asked and was given permission to revise and extend his remarks.)

Mr. Speaker, this bill would extend the National Flood Insurance Program by 7 months. During the most recent hurricanes of last year, we found that the program had some substantial problems to it. The House has passed a bill, the Senate has passed a bill, and we have been unable to this point to reconcile the two bills.

So the solution in the meantime is to extend the existing flood insurance program by 7 months. It is important to homeowners and businesses so they can have easy access to flood insurance.

I reserve the balance of my time.

I thank the gentlewoman for her excellent presentation on this. If she is prepared to yield back, I am also prepared to yield back.

Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.