The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on Thursday that focused on the reauthorization of the National Flood Insurance Program (NFIP), showing that its bipartisan support is generally intact. But senators also expressed concerns about affordability after a new ratings methodology led to higher premiums in some parts of the country.
In opening remarks, committee chairman Sherrod Brown (D-Ohio) focused primarily on the program’s insurance and flood abatement policies, saying that insurance is only one component of the program. There are also floodplain management and mapping functions, in addition to mitigation practices.
“NFIP is a complex program, with multiple goals and implications for many of the things people care about most — their homes and their communities,” Brown said. “However, I believe it is possible for us to come together to reauthorize and improve this program.”
Ranking member Tim Scott (R-S.C.) focused on a need for what he called “comprehensive reform” to the program, saying that local perspectives in the most impacted areas need to be prioritized over those of “Washington bureaucrats.”
“The status quo is not an option,” Scott said. “The program is financially insolvent, with over $20 billion in debt. Instead of educating communities and homeowners on the risks they face, the program’s outdated flood maps and lack of transparent d