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News Now

Washington
Flood, Terrorism Insurance Laws Examined This Week
WASHINGTON (9/17/13)--A Senate committee hearing on 2012 national flood insurance program changes Wednesday and a Thursday House committee hearing on the 2002 Terrorism Risk Insurance Act are among items of interest to credit unions this week on Capitol Hill.
 
Among the witnesses scheduled to testify at the Senate Banking Committee hearing entitled "Implementation of The Biggert-Waters Flood Insurance Act of 2012: One Year After Enactment" are Sens. David Vitter (R-La.) and Mary Landrieu (D-La.)--both of whom have introduced bills to reform the program--and Federal Emergency Management Agency Administrator William Craig Fugate.

In 2012, Biggert-Waters extended the National Flood Insurance Program for five years and allowed NFIP premiums to increase by 25% per year over a four-year period in a bid to phase out government-subsidized flood insurance. The premium increases do not impact NFIP policies on primary residences.
 
In the morning before the 2:30 p.m. (ET) flood insurance hearing, the banking panel will also be taking a look at progress of post-Superstorm Sandy recovery.

The House Financial Services Committee hearing Wednesday on the Terrorism Risk Insurance Act (TRIA) is scheduled for 10 a.m. (ET) and a witness list was not available Monday.  TRIA, which requires property and casualty insurers to offer coverage for foreign acts of terrorism on U.S. soil and provides a federal backstop for that coverage, is scheduled to expire at the end of 2014.

Also on the committee hearing agenda this week:
  • The House Ways and Means subcommittee on oversight will hold a hearing on "Internal Revenue Service's Exempt Organizations Division Post-TIGTA (Treasury Inspector General for Tax Administration) Audit" Wednesday at 2 p.m. (ET);
  • The House Financial Services subcommittee on capital markets and government-sponsored enterprises will hold a hearing on "Examining the Securities and Exchange Commission's (SEC) Money Market Fund Rule Proposal" Wednesday at 10 a.m. (ET); and
  • The House Small Business Committee will hold a full committee markup of H.R.2542, the "Regulatory Flexibility Improvements Act of 2013" at 1 p.m. (ET) Wednesday.
Although both House and Senate are scheduled to adjourn next week for a District Work period, buzz is circulating that unless the House makes substantial progress this week on a continuing resolution for the federal debt, that body will be back in session next week.
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