WASHINGTON—President Obama on Friday signed into law a measure that
extends the National Flood Insurance Program through Sept. 30.
The
House passed the National Flood Insurance Program Act of 2010 on June
23, and the Senate followed suit a week later. The Senate initially had
considered a broader tax bill that included extension of the NFIP, but
that measure was pulled because it could not draw enough support to
overcome a filibuster aimed at other provisions in the bill.
The
NFIP lapsed on June 1 and will have to be reauthorized by Sept. 30 to
prevent another lapse.
The House and Senate have been unable to
reach agreement on a long-term reauthorization of the NFIP because the
House favors requiring the program to offer windstorm and flood
coverage, while the Senate has preferred restricting the program to
flood coverage only. The result of the disagreement has been a series of
short-term extensions.
Copyright © 2010 Crain Communications, Inc.
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