The House will not vote until next week on legislation that effectively repeals a 2012 law mandating phase-in of actuarial rates for the National Flood Insurance Program (NFIP).
House Majority Leader Rep. Eric Cantor, R-Va., the primary sponsor of the House bill, told members of the House Republican caucus this morning that a vote he wanted Thursday on his legislation will not be held because he lacked the votes to push it through under accelerated rules that requires a two-third vote in the House.
The legislation, H.R. 3370, was introduced by the House Republican leadership late Friday night in order to grease the wheels for prompt House action. It would essentially revamp the entire premium-hike program imposed under the 2012 Biggert-Waters Act, as opposed to an earlier Senate bill, S. 1926 that would strictly delay the NFIP rate hikes.
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