On the recordJuly 31, 2018
I agree with my colleague that homeowners affected by flood disasters would benefit from greater certainty through a longer-term reauthorization. I would agree that meaningful reform is necessary to sustain the National Flood Insurance Program, NFIP. As chairman of the Senate Banking Committee, it is my goal to bring bipartisan reform to the program. Our Nation has seen some devastating disasters involving floods and related natural disasters, especially in the last two decades. With those disasters, the NFIP has amassed significant debt to the US Treasury. The underlying program is not structurally sound and too few people are protected from flood risk. Comprehensive reforms to the program are important to improve the program's fiscal condition, ensure more homeowners are covered against the risk of loss from flooding, and enable the program to better serve current policyholders. I agree with Senator Enzi. There is still work to be done to make the NFIP more sustainable. Any long-term reauthorization must include important bipartisan reforms. While short-term extensions are not ideal, short- term extensions afford Congress needed time to address numerous concerns.
