President Barack Obama today signed HR 5569, the "National Flood Insurance Program Extension Act of 2010," into law.
The law retroactively reauthorizes the Federal Emergency Management Agency (FEMA) to enter into new contracts for flood insurance under the National Flood Insurance Program (NFIP) through Sept. 30, 2010. It also reduces FEMA's authority to borrow under the NFIP by $50m to up to $20.725bn, according to a White House statement.
The Senate voted on the bill Wednesday in unanimous consent after the House of Representatives passed its own version last week.
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