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Oxley, Frank to Introduce Legislation to Reauthorize Flood Insurance Program

December 13, 2002

House Financial Services Committee Chairman Michael G. Oxley (OH) and incoming Ranking Member Rep. Barney Frank (MA) announced today that they will introduce legislation next year to reauthorize the Federal Emergency Management Agency's (FEMA) national flood insurance program.

Chairman Oxley and Rep. Frank are working in a bipartisan effort with colleagues in the House and Senate, as well as with the Administration, to quickly reauthorize FEMA's national flood insurance program which expires Dec. 31, 2002.

Certain mortgage agreements require lenders to maintain flood insurance. The reinstatement of this program is imperative to prevent disruptions for policyholders, homeowners, lenders and insurers.

The bill, to be introduced by Oxley and Frank when Congress returns early next year, will reauthorize FEMA's authority to offer the program and address any lapses in coverage.

Click here [pdf] to see the draft legislation.

Source: House Financial Services Committee

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