Today, Senators Marco Rubio (R-FL), Bob Menendez (D-NJ), Bill Cassidy (R-LA), Cory Booker (D-NJ), John Kennedy (R-LA), Elizabeth Warren (D-MA), Kirsten Gillibrand (D-NY), Jack Reed (D-RI), and Chris Van Hollen (R-MD) introduced the National Flood Insurance Program Reauthorization and Reform Act of 2019. The bill would extend the National Flood Insurance Program (NFIP) for five years while instituting a series of sweeping reforms to make bold investments in proactive mitigation and mapping to bolster our nation’s resiliency while reducing flood risk to our communities.
Additionally, this sweeping legislation takes important steps to address the waste, abuse, and mismanagement plaguing the current system. Specifically, this comprehensive legislation tackles systemic problems with the NFIP, puts it back on solid fiscal ground, and reframes the nation’s entire disaster paradigm to one that focuses more on prevention and preparation to reduce the enormous cost of rebuilding after flood disasters.
U.S. Representatives Frank Pallone, Jr. (D-NJ) and Clay Higgins (R-LA) are introducing bipartisan companion legislation in the House of Representatives.
“The National Flood Insurance Program is vitally important to my home State of Florida as it holds more than one-third of total policies nationwide,” Rubio said. “This bill provides long-term stability, while delivering much needed reforms to protect the program’s policyholders. The federal government must take a more proactive approach in addressing the underlying risk affecting flood prone communities, and unfortunately, instability has long plagued the program. I am proud to have worked with this bipartisan group to make our National Flood Insurance Program more practical, sustainable and accountable.”
“We’ve witnessed the NFIP fail our constituents in their greatest hour of need and, after countless reauthorizations that simply kick a broken can down the road, we want real reform,” Menendez said. “With the National Flood Insurance Reauthorization and Reform Act of 2019, we can make the program more sustainable, more affordable, hold FEMA and private contractors accountable, and invest in the kind of forward-looking mitigation that reduces risk and prevents costly flooding in the first place.”
“This legislation ensures the NFIP works for the homeowners that depend on it,” Dr. Cassidy said. “The reforms in this bill are critical to any reauthorization effort to make the program sustainable and prevent families from being hit with drastic premium increases.”