Senate Banking Republicans eye changes to key insurance program after fires
Republicans on the Senate Banking Committee are in the early stages of crafting legislation that could include changes to the National Flood Insurance Program and help victims of other natural disasters.
Sen. John Kennedy (R-La.) told The Hill on Tuesday that he and Sen. Mike Rounds (R-S.D.) were asked by Senate Banking Committee Chair Tim Scott (R-S.C.) to take the lead on the initiative in the wake of devastating wildfires in California.
“I just had a talk with Tim Scott,” Kennedy said. “He’s asked Mike Rounds and I to put together some legislation dealing not just with flood, but with all catastrophes.”
Pressed for further information about the bill, Kennedy said “it’s way too early to talk details,” noting lawmakers’ staffs are “just starting to meet.” He added the senators also want to “fold in our counterparts in the House.”
He said part of the aim is “improving the [National Flood Insurance Program]” and “probably expanding it” without using “taxpayer subsidies.”
The idea, he said, “is not just to reform the Flood Insurance Program,” but 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 comment.
Kennedy also told Punchbowl News in a report published earlier Tuesday that he was looking at the development of a “new and different” program, one “that covers wind, hail, fire, flood.”
Lawmakers have weighed potential reforms to the flood insurance program in recent years but have had to pass dozens of short-term reauthorizations since fiscal 2017.
Rounds cited the series of short-term measures in a statement obtained by The Hill on Tuesday, calling it proof “the program is broken.”
“Congress must do the work on reforming the program and providing long-term certainty to homeowners, financial institutions and other stakeholders,” he said. “With the blessing of the Chairman Scott, Senator Kennedy and I are willing to put in the work to finally get this done.”
Kennedy’s comments also come as some members on both sides of the aisle have discussed the prospect of emergency disaster aid in response to the ongoing blazes in California.
The Federal Emergency Management Agency has said it has enough resources to meet California’s needs in the wake of the blazes. But some early estimates have valued losses from the fires at more than $100 billion.
Sylvan Lane contributed.
Story updated at 10 p.m. EDT
Topics
-
Families dropped by insurance struggle after losing homes in California fires
More than 100,000 homeowners in the Los Angeles area were dropped by their insurance companies before the recent wildfires broke out. Elizabeth Cook shares the story of families now struggling to ...CBS News - 6h -
Senate to kick off hearings for key Trump nominees
The Senate is kicking off confirmation hearings for President-elect Trump’s cabinet nominees this week, with a slew of his picks — some controversial, others with strong support — set to appear ...The Hill - 1d -
WATCH: Insurance expert on how to prepare for insurance claims amid California fires
ABC News’ Linsey Davis speaks with insurance broker Karl Susman about the difficulty of insuring homes and making fire claims in California as residents begin to survey the damage left by the fire.ABC News - 5d -
What Californians should know about filing insurance claims after fire
For those who have it, a standard homeowners' insurance policy does cover destruction caused by fire, including wildfires.CBS News - 5d -
Zuckerberg met with Trump before ending fact-checking program: GOP senator
Sen. Markwayne Mullin (R-Okla.) said Meta CEO Mark Zuckerberg met with President-elect Trump a day ahead of announcing the social media network will eliminate its fact-checking program to ...The Hill - 5d -
Bank of England to relax rules for banks and insurers
PRA’s Sam Woods says burden can be eased without ‘race to the bottom’ on financial regulationFinancial Times - 6d -
Senate Republicans prepare blitzkrieg on Biden regulations
Senate Republicans, waiting for their House counterparts to figure out their strategy on border security and tax reform, are planning to use the Congressional Review Act to wage a lightning war on ...The Hill - 6d -
Now a key playmaker - how the role of a goalkeeper changed
How the job of a goalkeeper has evolved from keeping the ball out of their net to also playing a key role in a team's attack.BBC News - Jan. 8 -
Republicans hold on to Virginia state Senate seat
Republican Luther Cifers defeated Democrat Jack Trammell in the special election for the state Senate's 10th District on Tuesday, according to Decision Desk HQ, maintaining Republicans’ grip on the ...The Hill - Jan. 8 -
Trump to meet with Senate Republicans on Wednesday
President-elect Trump will be on Capitol Hill on Wednesday at the invitation of Senate Republican leadership, according to three sources familiar with the invitation. GOP leaders haven’t released ...The Hill - Jan. 6
More from The Hill
-
FAFSA forms to make October release after two-year struggle
The Free Application for Federal Student Aid (FAFSA) forms will be released on Oct. 1 this year, the Department of Education announced on Wednesday, hitting the normal deadline after two chaotic ...The Hill - 2h -
Nearly half of Americans skeptical Trump admin will lower health costs: Poll
Nearly half of Americans don’t believe that the incoming Trump administration will lower health costs, according to a new Gallup poll. The research, conducted after the presidential election, ...The Hill - 2h -
Jeffries: With narrow margin, House GOP can’t ‘pass anything close’ to bill Johnson floating
House Minority Leader Hakeem Jeffries (D-N.Y.) argued House Republicans, with their narrow margin, won’t be able to pass “anything close” to what Speaker Mike Johnson (R-La.) has been floating. ...The Hill - 2h -
Here are the confirmed attendees at Trump’s inauguration
President-elect Trump’s Inauguration Day is less than a week away and he’s begun to plan who will attend various events in Washington to mark his return to the White House. Trump has invited many ...The Hill - 3h -
California Democrat hits FEMA over assistance claim denials: 'That's not right'
Rep. Judy Chu (D-Calif.), whose district has been damaged by the Eaton Fire, criticized FEMA for reportedly rejecting disaster assistance claims because of a lack of insurance information. "I am ...The Hill - 4h
More in Politics
-
FAFSA forms to make October release after two-year struggle
The Free Application for Federal Student Aid (FAFSA) forms will be released on Oct. 1 this year, the Department of Education announced on Wednesday, hitting the normal deadline after two chaotic ...The Hill - 2h -
Nearly half of Americans skeptical Trump admin will lower health costs: Poll
Nearly half of Americans don’t believe that the incoming Trump administration will lower health costs, according to a new Gallup poll. The research, conducted after the presidential election, ...The Hill - 2h -
Jeffries: With narrow margin, House GOP can’t ‘pass anything close’ to bill Johnson floating
House Minority Leader Hakeem Jeffries (D-N.Y.) argued House Republicans, with their narrow margin, won’t be able to pass “anything close” to what Speaker Mike Johnson (R-La.) has been floating. ...The Hill - 2h -
Here are the confirmed attendees at Trump’s inauguration
President-elect Trump’s Inauguration Day is less than a week away and he’s begun to plan who will attend various events in Washington to mark his return to the White House. Trump has invited many ...The Hill - 3h -
California Democrat hits FEMA over assistance claim denials: 'That's not right'
Rep. Judy Chu (D-Calif.), whose district has been damaged by the Eaton Fire, criticized FEMA for reportedly rejecting disaster assistance claims because of a lack of insurance information. "I am ...The Hill - 4h