Prospects brighten for flood insurance reform

{mosads}Last week, Senate supporters tried to get approval for a 7-month NFIP
extension. The extension, sponsored by Sen. David Vitter (R-La.),
could not obtain unanimous consent, however.

The House is passing a 30-day extension on Wednesday in order to keep the pressure on
Congress to pass a full five-year bill, aides said. An extension through December had NFIP
proponents worrying that the can would be kicked too far, into the already
overcrowded lame-duck session.

Given the House move to pass a 30-day extension, a seven-month extension looks the least likely of option, aides said. A one-month extension is looking like the second most likely option, if amendments cannot be worked out.

Sen. Tom Coburn (R-Okla.) said on the floor Tuesday that he was working with colleagues to limit amendments to only a few.

A key Senate floor amendment will likely relate to extra requirements placed on homeowners in areas protected by levees, an issue pushed Sen. Mark Pryor (D-Ark.). Pryor and others oppose higher costs for homeowners already paying fees to maintain levees. The residual risk provision, as it is known, is in the Senate bill but not in the House.

House Financial Services Committee Chairman Spencer Bachus (R-Ala.) and ranking member Barney Frank (D-Mass.) teamed up on a letter to Senate leaders on Tuesday urging them to move the five-year bill. They said disagreements on minor provisions between the House and Senate versions are being worked out.