Statement by the Press Secretary on H.R. 4348

On Friday, July 6, 2012, the President signed into law:

H.R. 4348, the "Moving Ahead for Progress in the 21st Century Act" or "MAP-21", which reauthorizes taxes that support the Highway Trust Fund through September 30, 2016, and authority to make expenditures from that Fund through September 30, 2014, and makes major reforms to surface transportation programs; reauthorizes the National Flood Insurance Program (NFIP) through September 30, 2017, and makes major reforms to the NFIP; and extends for one year, until July 1, 2013, the current interest rate of 3.4 percent on all new subsidized Federal Direct Stafford Loans for undergraduate students.