Legislator Introduces Bill To Forgive NFIP’s $23B Debt

Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today introduced a bill, H.R. 5953, to forgive the $23 billion in debt at the National Flood Insurance Program (NFIP) and place the program on a path toward solvency and affordability ahead of its reauthorization in fiscal 2017. The NFIP provides flood insurance to more than 5 million households and businesses in the United States, providing more than $1 trillion in coverage. The program is also an integral part of protecting our nation from flood risks, including by maintaining flood maps, overseeing mitigation programs and supporting preventive measures.