Vitter Applauds Senate Approval of Flood Insurance Extension
U.S. Sen. David Vitter today issued the following statement after the Senate passed a concurring resolution that includes an extension of the National Flood Insurance Program (NFIP) through Nov. 18:
“I’m glad my Senate colleagues recognized the importance of extending this safeguard for local communities and for millions of homeowners, particularly in Louisiana,” said Vitter. “Any lapse in this program would have been unacceptable because it would mean lost real estate closings and further economic pain for residents of flood-prone areas. We can provide them with even more certainty by moving ahead and passing a full five-year extension of the NFIP.”
Vitter is a member of the Senate Banking Committee, which earlier this month passed the Flood Insurance Reform and Modernization Act of 2011.
Vitter, who serves as ranking member of the economic subcommittee with jurisdiction over NFIP, worked closely with subcommittee Chairman Jon Tester (D-Mont.) to ensure that the Flood Insurance Reform and Modernization Act includes much more reasonable phase-in times to reach actuarial rates and a study of including additional lines of business in the NFIP which will help those in areas where the private market does not provide coverage in addition to improving the solvency of the NFIP.
The bill also includes much-needed changes to the levee certification process that would remove the economic burden from local communities.