WATCH LIVE: Financial Services Committee hearing on reauthorization of National Flood Insurance Program

House Financial Services Subcommittee Holds Hearing on National Flood Insurance Program

The House Financial Services’ Housing and Insurance Subcommittee is holding a hearing on Friday featuring the Federal Emergency Management Agency’s perspective on the reauthorization of the National Flood Insurance Program.

The hearing, which will begin at 9 a.m., features David Maurstad, assistant administrator of the Federal Insurance Directorate of FEMA.

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In its memorandum, the committee said the hearing “will examine the current status of the National Flood Insurance Program and FEMA’s efforts to modernize the program as part of the Committee’s reauthorization process during the 118th Congress.”

The memorandum also provided background information as to why floods are the most common, most expensive, and most deadly natural disasters that communities across the United States face.

• Reports reveal approximately 90 percent of all U.S. natural disasters also involve flooding from any number of sources, including inland flooding, flash floods, and flooding from seasonal storms.

Topics to be discussed at the hearing include:

• The current financial status of the NFIP
• FEMA’s new risk rating methodology
• FEMA’s increased focus on mitigation efforts
• FEMA’s NFIP legislative reforms package

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