Sens. Cassidy, Kennedy say NFIP extension proposal lacks sustainability, affordability

Sens. Cassidy, Kennedy say NFIP extension proposal lacks sustainability, affordability
Sens. Bill Cassidy (left) and John Kennedy (right)

BATON ROUGE, La. (WAFB) - U.S. Senators Bill Cassidy and John Kennedy are speaking out against a proposal to extend the National Flood Insurance Program (NFIP) that they say “lacks critical reforms to ensure the sustainability and affordability of the program for American homeowners.”

The legislation from the U.S. House Financial Services Committee would extend the program for five years.

Click here to read the legislation.

“This proposal is a genuine effort to solve a serious problem, but it lacks reforms needed to ensure the program is sustainable and that families won’t be hit with drastic premium increases. Our first priority should be to make sure this program works for the homeowners that depend on it. I, along with other senators, are proposing bipartisan policy reforms to make the program sustainable and affordable,” said Cassidy.

“While I am happy that Congress is making progress towards a long-term re-authorization, Louisianans are all too familiar with the fear of unaffordable flood insurance premiums in a program they help financially support. We need reforms to the program as well as a long-term re-authorization. I look forward to the opportunity to vote on proposals that will keep insurance affordable in Louisiana,” said Kennedy.

In May, Cassidy and Kennedy, along with seven other senators, requested the Senate Banking Committee work on a long-term solution for the NFIP, and suggested five separate reforms needed for such a solution, to guarantee it remains sustainable and affordable for the families that depend on the program.

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