WASHINGTON—The pressure on the Senate to act on a long-term National Flood Insurance Program extension intensified as trade groups across multiple industries kicked off their "Flood the Hill" campaign with a letter sent to Senate leadership.
"We urge the full Senate to act now to reauthorize this program and avoid the costly consequences that would result in a lapse from failure to act," the letter says.
It was sent to Sen. Harry Reid, D-Nev., Senate majority leader, and Sen. Mitch McConnell, R-Ken., minority leader.
The letter was signed by 26 trade groups representing insurance, reinsurance, banking, credit unions, and commercial and residential real estate interests. These groups recently announced they would begin a push this week, called Flood the Hill, to try to get an extension passed.
The letter comes in advance of a Senate subcommittee hearing Wednesday on the issue. The panel, is chaired by Sen. Jon Tester, D-Mont.
The industries want prompt floor action because the current extension on NFIP reauthorization ends May 31.
The program has been running on temporary extensions since Sept. 2008.
Official of the Property Casualty Insurers Association of America and the Independent Insurance Agents and Brokers of America will testify on behalf of the industry on Wednesday.
Other witnesses will represent the National Association of Realtors, state flood agencies and conservation interests.
The bill the industries want acted on is S. 1940, sponsored by Sen. Tim Johnson, D-S.D., chairman of the Senate Banking Committee. It would extend the NFIP until Sept. 30, 2016. Companion legislation in the House is H.R. 1309.
The Senate bill was reported out by the Senate Banking Committee last September, and has languished on the Senate floor.
The consensus of congressional staffers, industry officials and other allied interests is that the Senate will not act on its version of the NFIP in time for a bill extending the program until 2016 to be passed by Congress by May 31.
They see Congress acting in one of two ways, a resolution incorporating the latest suggestion by the Federal Emergency Management Agency to extend the existing program for two years; or to pass legislation sponsored by Sen. David Vitter, R-La., that extends the existing program until Dec. 31.
That would give Congress time to act on the long-term bills after the election.
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