In a last minute move to avert a mini-financial disaster, today the Senate passed, and the president signed, a bill to extend the NFIP until November 30, 2018. The House had previously passed a companion bill. Demonstrating the broad support to keep the program running, the Senate passed the bill 86-12 and the president signed it within hours.
With the July 31 deadline approaching, on June 28, 2018, the U.S. Senate approved its version of the farm bill, which included an amendment that would have extended the authorization of the NFIP for six months. The House, however, opposed a six-month extension because it would leave the fate of the program up to the 116th Congress. The House Amendment to S. 1182 only extended the program until November 30, 2018, maximizing pressure on Congress to enact a permanent solution that makes necessary reforms and provides certainty for insurance providers and housing markets.
Check back here for updates on the future of the program. As we previously reported, the House has passed a series of bills to reauthorization and reform the program. However, the Senate has yet to take any substantive action and the Senate Banking Committee hasn’t introduced a bill on the topic.