Senate has passed the Flood Insurance Reform and Modernization Act (FIRM) of 2008.
The FIRM Act, introduced by Senate Banking Committee chairman Chris Dodd and ranking member Richard Shelby, would help modernize and reform the National Flood Insurance Program (NFIP) and reauthorize the program through 2013.
It contains a provision forgiving the Federal Emergency Management Agency's (FEMA) $20 billion debt to the U.S. Treasury. It also includes a provision to create a Commission on Natural Catastrophe Risk Management and Insurance, a bipartisan group that would examine natural disaster risks and report back to Congress with recommended possible solutions for this serious problem.
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