Statement by the Press Secretary on H.R. 5740
On Thursday, May 31, 2012, the President signed into law:
H.R. 5740, which reauthorizes the Federal Emergency Management Agency, under the National Flood Insurance Program (NFIP), to enter into new contracts for flood insurance and borrow from the Treasury up to specified amounts through July 31, 2012; and under the NFIP, beginning on July 1, 2012, phases out subsidized premium rates for residential property that is not the primary residence of an individual.