Like the proverbial cat, the National Flood Insurance Program just keeps coming back. Efforts to extend the national flood insurer long term are set to begin in the House this week. The proposed legislation would extend the NFIP for an additional five years. In recent months Congress has been unable to agree on terms to extend the program and has relied on short term extensions to keep the program afloat. The NFIP has been plagued by deficits and has generally failed at its intended goals of encouraging environmentally safe construction and mitigation, extending the life of what its already a sinking ship is doing a disservice to taxpayers. Serious consideration of reform should be given to the NFIP before a long term extension is considered.
The Bad Program That Just Won’t Die
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