National Flood Insurance Program Bill

On May 7, Financial Services Committee Chairman Barney Frank of Massachusetts introduced legislation that aims to assure continuity and stability in the National Flood Insurance Program (NFIP) and the nation’s housing markets. This bill, the Stable Flood Insurance Authorization Act of 2010 (H.R. 5225), also focuses on the comprehensive reform and long-term reauthorization of the NFIP.

This bill complements legislation introduced by Congresswoman Maxine Waters of California that the House Financial Services Committee passed last month. Waters' bill, the Flood Insurance Reform Priorities Act of 2010 (H.R. 5114), aims to extend the authorization for the NFIP, as well as identify priorities essential to reform and ongoing stable functioning of the Program.

How vital is the passage of these two bills for your community? Are they sufficient in their current forms, or are there key modifications you would like to see made before final passage?