National Flood Insurance Program Reextension Act of 2010

I yield myself such time as I may consume.

Madam Speaker, I rise today in support of S. 3814, which extends the National Flood Insurance Program through September 30, 2011. I feel like we're deja vu all over again. We've done this several times, I think, in the last several months and years. That timeframe will give us ample opportunity to craft a bill that fundamentally reforms the program, which needs fundamental reform.

It's unfortunate this Congress has, to date, been unable to enact comprehensive reform of the flood insurance program. Currently, as we know, the flood insurance program is carrying a debt of $18 billion. The program remains underfunded and unable to meet its potential obligations. And its financial shortfall continues to place taxpayers at risk for the cost of property losses caused by flooding.

On July 15, 2010, the House approved H.R. 5114, the Flood Insurance Reform Priorities Act, which included many constructive reforms. However, many of us on this side of the aisle felt that the measure did not go far enough to put the NFIP on a path towards sound financial footing. In fact, despite the reforms included in H.R. 5114, which included several Republican amendments, the CBO projected that if H.R. 5114 were enacted, the National Flood Insurance Program would still need to borrow additional funds from the U.S. Treasury to cover losses and would exhaust its current borrowing authority by the year 2013.

Today, to avoid another lapse in a program that serves 5.5 million residential and business property owners, we are considering S. 3814, the National Flood Insurance Program Reextension Act of 2010, which passed the Senate by voice vote on Tuesday, September 21, 2010.

S. 3814 provides for a straightforward 1-year extension of the NFIP, which otherwise would expire on September 30. According to the Congressional Budget Office, enactment of this bill would have no net impact on the Federal budget.

Madam Speaker, we must move forward with fundamental and fiscally responsible reforms of the Flood Insurance Program. S. 3814 extends the NFIP, as I've said, through September 30, 2011, allowing borrowers in flood-prone areas like mine to close on their mortgage loans and providing Congress the time it needs to enact real reforms. I urge my colleagues to support this legislation.

I yield back the balance of my time.

Madam Speaker, I move to suspend the rules and pass the bill (S. 3814) to extend the National Flood Insurance Program until September 30, 2011.

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

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

Madam Speaker, I rise today to speak in support of S. 3814, the National Flood Insurance Program Reextension Act of 2010, which would extend the National Flood Insurance Program through September 30, 2011.

The flood insurance program provides valuable protection for approximately 5.5 million homeowners. Unfortunately,

the lack of a long-term authorization has placed this program at risk. The program has lapsed three times now since the beginning of this year, for 2 days in March, for 18 days in April, and again from June 1 to July 1. These lapses meant that FEMA was not able to write new policies, renew expiring policies, or increase coverage limits.

This also means that each day, 1,400 home buyers who wanted to purchase homes located in flood plains are unable to close on those homes. Given the current crisis in the housing market, this instability in the flood insurance program is hampering that market's recovery and must be addressed.

I yield back the balance of my time.

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of S. 3814 introduced earlier today.

I ask unanimous consent that the bill be read for a third time and passed, the motion to reconsider be laid upon the table, and that any statements relating to the bill be printed in the Record.