Economy

House Passes Bill to Assure Private Policies Satisfy Flood Insurance Requirement

House Passes Bill to Assure Private Policies Satisfy Flood Insurance Requirement”

The House cleared legislation on Thursday to reauthorize federal aviation programs ahead of a Saturday deadline and provide tax relief for victims of recent hurricanes.

Senate Minority Leader Chuck SchumerCharles (Chuck) Ellis SchumerSenate Dems hold floor talk-a-thon against latest ObamaCare repeal bill This week: Senate wrapping up defense bill after amendment fight Cuomo warns Dems against cutting DACA deal with Trump MORE (D-N.Y.) was overheard by a Politico reporter in an elevator this week pushing Kennedy to oppose the flood insurance measure. It has a provision that would make it easier for people with hurricane losses to write them off on their taxes, eliminating a requirement that personal losses must exceed 10 percent of adjusted gross income to qualify for a deduction.

The bill extends the FAA operations for six months as is, while lawmakers discuss Trump's proposal in March of handing over control of USA air traffic control to a privately-operated board.

A number of senators have spoken out against the flood insurance provisions that remain in the House bill, raising the possibility that the bill could be dropped or changed.

It also clarifies that the Federal Emergency Management Agency shall consider any period during which a property was continuously covered by private flood insurance to be a period of continuous coverage.

The House passed the bill earlier in the day with the flood insurance provisions, just hours before members planned to leave town for the weekend.

The legislative back-and-forth comes two days before the end of the federal budget year when authority for the Federal Aviation Administration and several health programs in the bill are due to expire.

House Republicans tried to suspend the rules and pass the bill without first holding committee hearings. "If our Senate colleagues are serious about improving the flood protections available to homeowners and reducing the suffering caused by major floods, then they must act quickly to pass this legislation". It also wraps in tax relief for hurricane victims and an expansion of the private flood insurance market.

The Senate passed the revised bill by unanimous consent, with the House following suit without objection about an hour later.



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