House Financial Services Committee Holds NFIP Hearing

Mar 13, 2019 | Archive News

As bills proposing reform to the National Flood Insurance Program (NFIP) are filed in Congress, the US House Financial Services Committee held a hearing on Wednesday, March 13, 2019, to gather information from experts on the reauthorization of the program.

Chairwoman Rep. Maxine Waters (D-CA) recognized a group of House members who expressed concern over the program’s current structure and advocated for major reforms. Members of the panel acknowledged that a portion of the program’s debt was previously forgiven by Congress, while also recognizing that it should take a deeper dive to reduce future loss.

“Building a more resilient and cost-effective NFIP are goals that would benefit all consumers,” said Committee Ranking Member Rep. Patrick McHenry (R-NC). “One thing we are committed to is having an effective National Flood Insurance Program. One that can weather the storm to ensure all impacted Americans and taxpayers are protected.”

The committee also heard testimony from the following experts:

  • Maria Cox Lamm – South Carolina Department of Natural Resources, on behalf of the Association of State Flood Plain Managers
  • Christopher Heidrick – Heidrick & Company Insurance and Risk Management Services, LLC, on behalf of the Independent Insurance Agents and Brokers of America
  • Velma Smith – Senior Officer, The Pew Charitable Trusts
  • Mabél Guzmán – Broker, @properties, on behalf of the National Association of Realtors
  • Collin O’Mara – President and CEO, National Wildlife Federation, on behalf of the SmarterSafer Coalition
  • Raymond J. Lehmann – Director of Finance, Insurance and Trade Policy, Street Institute

The NFIP is currently set to expire on May 31, 2019. Congress has passed several short-term extensions, but many members of the legislature are now encouraging an extended solution.