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Tuesday, November 19, 2013

Senate Could Vote on Delaying Flood Insurance Rate Increases Next Week

The Homeowner Flood Insurance Affordability Act of 2013 (H.R. 3370/S.1610) was introduced in the Senate by Sen. Robert Menendez and in the House by Rep. Grimm in late October. The Senate bill currently has 22 cosponsors and the House bill has 134 cosponsors, both ave garnered bipartisan support.

Industry officials and Congressional staff have confirmed that the sponsors of the Senate bill are working to have the legislation attached to the 2014 version of the National Defense Reauthorization Act (NDAA). Congressional contacts have indicated that Senator Jeff Merkley, chairman of the Senate Banking Committee’s Subcommittee on Economic Policy, will seek to attach the bill to the NDAA when the bill comes up for a vote and that Senate majority leader Harry Reid will support the effort to attach the bill to the NDAA.

The ABIA will continue to report on the movement of this legislation.

Learn more about S. 1610.