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WASHINGTON — Representatives Judy Biggert (R-Ill.) and Barney Frank (D-Mass.) introduced the Flood Insurance Reform and Modernization Act (H.R. 1682) last week.

The bill aims to reform the National Flood Insurance Program and ensure its continued viability by increasing accountability, eliminating unnecessary Federal subsidies, and updating the flood insurance program. “The 2005 Gulf Coast hurricanes showed the nation how important the National Flood Insurance Program is to the average homeowner,” Biggert, ranking member of the House Financial Services Subcommittee on Housing and Community Opportunity, said. “We must act to strengthen and pull the program into the 21st Century and before the next major disaster hits. The program needs to provide a financial safeguard for homeowners while protecting the interests of taxpayers. This bill strikes the right balance.”

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