WASHINGTON (5/30/12)--Legislation that would extend the National Flood Insurance Program (NFIP) for 60 days is expected to be considered by the U.S. House today, one day before the NFIP is set to expire.
The 60-day extension was approved by the Senate last week. With House approval, the bill would just need the president's signature to extend the program for two months.
Legislation that would extend the NFIP for five years has been approved in the House and by the Senate Banking Committee. In April, Sen. David Vitter (R-La.) introduced a bill that would authorized a longer-term extension of the program, but not as long as the House bill. His bill (S. 2344) would extend the NFIP through the end of this year.
The Senate, which is out this week due to the Memorial Day district work period, is expected to consider some form of a long-term extension of the NFIP when it returns to session in June.
This week, meetings this on the House committee schedule, in the financial services area, include:
- A Thursday House Financial Services Committee markup of the Consumer Rental Purchase Agreement Act (H.R.1588) and H.R.3128, which would amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to adjust the date on which consolidated assets are determined for purposes of exempting certain instruments of smaller institutions from capital deductions; and
- A Friday House Financial Services capital markets subcommittee hearing entitled: "Cyber Threats to Capital Markets and Corporate Accounts."