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RIMS


November 2016 Newsletter 11/30/2016

Whitney B. Warrick RIMS Director of Government Relations

 

2016 Elections
In addition to Donald J. Trump winning the White House, the Republicans held on to a slim majority in the Senate and a 45 seat advantage in the House of Representatives. With some members both retiring and being chosen for positions in the new Administration, we now look forward to see who the next key committee leaders will be and what issues they will chose to focus on in the next Congress.

Lame-duck Congress
Congress returned to Washington, D.C. this week to begin their lame-duck session. While many lame-duck sessions have been uneventful, this year Congress is busy aiming to meet key deadlines before they recess on December 16th. Below are a few of the issues we expect them to address before they adjourn.

Government funding: Lawmakers have until December 9th to extend spending legislation to fund the government. Republican leaders have indicated that they plan to pass a short-term spending bill to extend existing funding levels until next March. This is given an impending busy first few months of congress with confirmations of both the new administration and the Supreme Court.

Defense spending: Congress is currently working to finalize the must pass $602- billion National Defense Authorization Act. The bill has gone back and forth between the House and Senate due to funding concerns and other provisions.

Cures Act: In the next few weeks the House and Senate plan to vote on the Cures Act – a bill which would increase funding for research for the National Institutes of Health and accelerate new drugs to the market.

 

Proposed Rule on Private Flood Insurance.
On November 7, five financial regulatory agencies jointly issued a proposed rule to amend their regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). Specifically, the proposed rule would require regulated lending institutions to accept policies that meet the statutory definition of private flood insurance in the Biggert-Waters Act and permit regulated lending institutions to accept flood insurance provided by private insurers that does not meet the statutory definition of private flood insurance on a discretionary basis, subject to certain restrictions.


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About RIMS

As the preeminent organization dedicated to educating, engaging and advocating for the global risk community, RIMS, the risk management society™, is a not-for-profit organization representing more than 3,500 corporate, industrial, service, nonprofit, charitable and government entities throughout the world. RIMS has a membership of approximately 11,000 risk practitioners who are located in more than 60 countries. For more information about the Society’s world-leading risk management content, networking, professional development and certification opportunities, visit www.RIMS.org.

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