Trump Signs Funding Bill; Congress and Administration Can’t Agree on Stimulus

President Trump early Thursday signed a Continuing Resolution that keeps much of the federal government funded at its current level until Dec. 11.

The CR also reauthorizes the National Flood Insurance Program through Sept 30, 2021.

The measure has little direct impact on the National Credit Union Administration, which is funded by fees paid by credit unions and the Consumer Financial Protection Bureau, which receives its funding through the Federal Reserve. The agencies are not subject to the annual appropriations process.

The reauthorization of the NFIP allows new flood insurance policies to be written and claims paid through the end of FY21. Credit union trade groups and others had called for an overhaul of the program, which has been funded through a series of short-term bills.

National Realtors Association President Vince Malta said that Congress missed a “golden bipartisan” opportunity to overhaul the program. He said that a bipartisan bill authored by House Financial Services Chairwoman Maxine Waters (D-Calif.) and the panel’s ranking Republican, Rep. Patrick McHenry of North Carolina would have addressed the program’s viability and affordability. However, several senators had their own plans and lawmakers never rallied around a common bill.

The CR signed by Trump does not call for increased funding for the Community Development Financial Institutions program—a high priority item for many lawmakers.

The CDFI program could receive additional funding if Congress and the Trump Administration can agree on another economic stimulus bill before the House and Senate go home to campaign for reelection.

House Democrats have proposed a $2.2 trillion stimulus plan that includes additional CDFI funding, as well as reauthorization of the Paycheck Protection Program. The administration favors a smaller measure and the two sides so far have been unable to agree on such issues as aid to state and local governments and liability protection for businesses that reopen after being closed for the pandemic.

Related:

House Passes Funding Bill that Keeps Flood Insurance Program Running

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