Washington--Legislation allowing the National Flood Insurance Program to resume paying claims was passed by Congress late Friday and is now headed to the White House for signature.
The House approved a measure that accedes to legislation passed by the Senate. It raises the NFIP's borrowing authority to $18.5 billion--a $15 billion increase.
Congress is expected to work on legislation when it resumes work the week of Dec. 5 that would increase the borrowing authority by an additional $4.5 billion and impose reforms demanded by Congress to make the program more accountable, according to the Financial Services Roundtable.
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