U.S. Sen. Bob Menendez (D-NJ) is advocating the Senate passage of the SAFE Banking Act while also encouraging efforts to strengthen the National Flood Insurance Program (NFIP).
Menendez authored the Clarifying Law Around Insurance of Marijuana (CLAIM) Act to provide a safe harbor for insurers to conduct businesses with state-legalized cannabis retailers. The measure was included as a provision in the SAFE Banking Act.
“I’m concerned that businesses that have nothing to do with cannabis could face serious consequences if this bill isn’t enacted,” Menendez said regarding the SAFE Act. “The House has passed this bipartisan measure seven times, and it’s long past time for the Senate to do the same.”
Menendez maintains the National Flood Insurance Program Reauthorization and Reform (NIFP-RE) Act he authored would bolster the NFIP in the wake of the recent confirmation of the drop in flood insurance coverage as a result of the Federal Emergency Management Agency’s (FEMA) Risk Rating 2.0 system.
“Last month, FEMA reported that over 425,000 policyholders dropped out of the National Flood Insurance Program since Risk Rating 2.0 took effect last year,” Menendez said. “That’s nearly 10% of the program. The agency predicted it would take years for 425,000 policyholders to drop coverage, but instead, it took eight short months. A majority of homeowners across the country are already uninsured against flooding, and it’s clear Risk Rating 2.0 is only making this situation worse. This program needs to have affordable rates to get families covered and robust investments in mitigation and mapping so that we can finally address the long-term challenges of flooding.”