House Financial Services Housing and Insurance Subcommittee releases discussion draft on National Flood Insurance Program reform

On May 25, Rep. Sean Duffy (R-Wis.) chairman of the Housing and Insurance subcommittee released draft legislation to reform the National Flood Insurance Program (NFIP). The draft legislation includes expanding the role of private flood insurers, getting the federal program to buy more reinsurance on the private market and making it easier for homeowners that keep getting flooded to move, which both Republicans and Democrats agree needs to be done to strengthen the program. Many issues, especially affordability, will require much more legislative debate to resolve.

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