Republicans on the Senate Banking Committee are within the early phases of crafting laws that might embrace adjustments to the Nationwide Flood Insurance coverage Program and assist victims of different pure disasters.
Sen. John Kennedy (R-La.) instructed The Hill on Tuesday that he and Sen. Mike Rounds (R-S.D.) have been requested by Senate Banking Committee Chair Tim Scott (R-S.C.) to take the lead on the initiative within the wake of devastating wildfires in California.
“I just had a talk with Tim Scott,” Kennedy stated. “He’s asked Mike Rounds and I to put together some legislation dealing not just with flood, but with all catastrophes.”
Pressed for additional details about the invoice, Kennedy stated “it’s way too early to talk details,” noting lawmakers’ staffs are “just starting to meet.” He added the senators additionally need to “fold in our counterparts in the House.”
He stated a part of the purpose is “improving the [National Flood Insurance Program]” and “probably expanding it” with out utilizing “taxpayer subsidies.”
The thought, he stated, “is not just to reform the Flood Insurance Program,” however to “try to help victims of fire and wind and hail, catastrophes — and do it without the federal government having to subsidize programs.”
The Hill has reached out to Scott and Rounds for remark.
Kennedy additionally instructed Punchbowl Information in a report printed earlier Tuesday that he was trying on the improvement of a “new and different” program, one “that covers wind, hail, fire, flood.”
Lawmakers have weighed potential reforms to the flood insurance coverage program in recent times however have needed to go dozens of short-term reauthorizations since fiscal 2017.
Kennedy’s feedback additionally come as some members on each side of the aisle have mentioned the prospect of emergency catastrophe assist in response to the continuing blazes in California.
The Federal Emergency Administration Company has stated it has sufficient sources to fulfill California’s wants within the wake of the blazes. However some early estimates have valued losses from the fires at greater than $100 billion.
Sylvan Lane contributed.
