The Senate brought the bill to the floor through rarely used emergency procedures by an overwhelming 86-13 vote. Floor action could begin as early as Wednesday, industry officials said.
The legislation has prompted animated responses from both supporters and opponents. But, an industry lobbyist cautioned that “this was a very strong vote” to clear the bill for floor action under accelerated procedures that required the support of every member of the Senate. “It would seem certain that they have the votes to go all the way with this one,” the lobbyist said.
Given the strong vote on the motion to proceed, opponents of the legislation said they hope the House will significantly modify the legislation so that it imposes caps on annual increases.
Sen. Bill Nelson, D-Fla., alluded to that problem for the legislation in a statement supporting clearing the bill for Senate action. “The problem is going to be down at the other end of that hallway,” Nelson said on the Senate floor, referencing the House, according to a transcript. “Because the speaker of the House has already said that he doesn't like it, but what he's going to find out that he doesn't like is a lot of the members of the House of Representatives whose constituents are facing tenfold increases in their flood insurance.”
The bill is S. 1926, the Homeowner Flood Insurance Affordability Act of 2014 and National Association of Registered Agents and Brokers Reform Act of 2014. It would prevent flood insurance rate increases until the Federal Emergency Management Agency's mapping methods are certified as technically sound and an affordability study is completed. The bill would keep in place phase-out of subsidized flood insurance premiums for vacation homes and homes that have a history of repeated flooding
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