House Financial Services Committee Members Pass Flood Insurance Legislation

WASHINGTON – Members of the House Financial Services Committee, including the committee's ranking Democrat, Rep. Barney Frank (Mass.) gave themselves a pat on the back for approving a bill that reauthorizes and reforms the National Flood Insurance Program. H.R. 253, The Two Floods and You Are Out of the Taxpayer's Pocket Act was approved by a voice vote. The bill ensures the availability of flood insurance while reducing the amount of money spent on frequently flooded properties. Frank urged the Senate "to move quickly in a similar direction so we can adopt an extension on the National Flood Insurance Program that is fiscally responsible before the current extension expires. I believe our committee will be very resistant to any further extension of an unreformed program."