Extension of NFIP Likely. All Proposals Dead Until Next Year

Gene Taylor was in the news today in a report dealing with the extension of the current NFIP program until next year. While the article focuses on adding wind to the program, this extension kills all the various proposals, from those backed by the insurance industry to those backed by us slabbers. Maria Recio has the story for the Sun Herald:

Rep. Gene Taylor’s relentless two-year campaign to secure wind coverage as part of the federal flood insurance program is on the verge of failure, a victim of vicious opposition in the Senate, of suspicions about a new government program and ultimately, of bad timing.

“It looks like there will be an extension of the present program,” said Taylor, D-Bay St. Louis, in an interview. The National Flood Insurance Program expires Sept. 30 unless Congress acts and lawmakers, anxious to help victims of hurricanes Ike and Gustav, are looking for a simple extension – with no policy changes – while they focus on the $700 billion Wall Street bailout.

“The important thing is that the program would not lapse,” Taylor said. House Financial Services Committee Chairman Barney Frank, D-Mass., said last week that he wanted a seven-month extension until April 30. He introduced a bill late last week, H.R. 6965, that would extend the program by April 30. It may be on the House floor as soon as today, although Taylor aide Brian Martin said a vote was more likely Wednesday. Continue reading “Extension of NFIP Likely. All Proposals Dead Until Next Year”