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Wednesday, January 15, 2014

Senate may Vote on the Homeowner Flood Insurance Affordability Act Today

The Senate has time to vote on the Homeowner Flood Insurance Affordability Act today; however, timing will be tricky since they are also debating the Omnibus Appropriations Bill today. If the Senate can agree on a time limit to process amendments and hold the final vote, then amendments pertaining to flood insurance will be allowed from both both Democrats and Republicans. We anticipate the debate to begin this morning, with votes possible throughout the day.

Last week, the ABIA and ABA sent a joint letter to members of the Senate expressing our support for the Homeowner Flood Insurance Affordability Act of 2013.

"The delay of rate increases included in this legislation will give FEMA the time and resources necessary to complete that study, and will give Congress time to act upon any recommendations resulting from it. Additionally, the legislation lays out a clear procedural map for Congress to follow in addressing affordability issues."

Read the letter.