NATIONAL FLOOD INSURANCE PROGRAM REFORM BILL INTRODUCED IN HOUSE

On March 26, Representatives Barney Frank (D-MA), Chair of the Committee on Financial Services, and Judy Biggert (R-IL), Ranking Member of the Subcommittee on Housing and Community Opportunity, introduced legislation to reform the National Flood Insurance Program (NFIP). H.R. 1682, the "Flood Insurance Reform and Modernization Act of 2007," is similar to legislation that the House passed in June 2006 by a vote of 416-4. Supporters of the bill argue that the legislation is needed to make the NFIP more fiscally sound, providing a safeguard for homeowners while protecting the interests of taxpayers.