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Member, Beacon International Group, Ltd.
WASHINGTON—President Barack Obama has signed into law a measure that extends the National Flood Insurance Program through March 28.
The NFIP extension is part of measure that temporarily extends a variety of federal programs, a bill that stalled in the Senate when Sen. Jim Bunning, R-Ky., objected to the package’s $10 billion price. The delay meant that the NFIP expired on Sunday.
Sen. Bunning, however, ended his hold on the measure, H.R. 4691, Tuesday, which the Senate then passed. The House already had approved the extension bill. The president signed the bill into law late Tuesday.
The NFIP has undergone several short-term extensions because the House and Senate cannot agree whether the program should be expanded to include windstorm coverage, an expansion that insurers oppose.