WASHINGTON, D.C. (WAFB) - U.S. Senators Dr. Bill Cassidy and John Kennedy, both Republicans, are leading a bipartisan effort to unveil a new piece of legislation to extend the National Flood Insurance Program (NFIP) for five years, while also instituting a series of reforms to address the “waste, abuse, and mismanagement plaguing the system.”
The senators say more than five million families depend on the program, which Congress must reauthorize before it expires Sept. 30.
The National Flood Insurance Program Reauthorization and Reform Act takes steps to improve the “accountability, affordability, and sustainability” of the program. The act also puts an emphasis on “supporting prevention and mitigation efforts to avoid costly damage caused by flood disasters.” The legislation also addresses principles outlined in a letter sent in June to the Senate Banking Committee demanding action on reauthorizing and reforming the NFIP.
“This legislation ensures the NFIP works for the homeowners that depend on it. 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,” said Cassidy.
“More than five million Americans depend on the National Flood Insurance Program to protect their homes and businesses. For many people, this program is as essential as air and water. Louisiana has been home to people for centuries. Louisiana energy jobs are helping the U.S. end its reliance on foreign oil. Through common sense reforms, we can create a flood insurance program that continues to protect people’s homes at affordable rates while remaining solvent,” Kennedy said.
Click here to watch the press conference held Tuesday, July 16 to introduce the legislation.