Senate Banking Subcommittee Turns Attention to Future Pandemic Risk Proposals

On July 22, the U.S. Senate Banking Subcommittee on Securities, Insurance and Investment held a hearing on “Examining Frameworks to Address Future Pandemic Risk.” PIA submitted testimony in advance of the hearing. If Congress legislates on this issue, PIA favors the use of a public-private partnership. In the past, similar steps have been taken to …

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PIA Sends Concerns on PRO Act to Senate

In advance of a hearing set to take place on July 22 in the Senate Health, Education, Labor and Pensions (HELP) Committee, PIA joined fellow insurance and financial trade groups in a letter to committee leadership expressing concerns about S. 420, The Protecting the Right to Organize (PRO) Act. The PRO Act would reform current …

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PIA Calls for Increased Funding for Flood Risk Mapping

PIA recently sent letters, along with a coalition of stakeholder groups, to U.S. House and Senate appropriators to advocate for a significant increase in funding for the Federal Emergency Management Agency (FEMA) flood risk mapping program in fiscal year 2022 (FY 2022). The flood risk mapping program funds federal flood mapping, which shows how likely …

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PIA Objects to Attempts to Reduce or Repeal Passthrough Tax Deduction

PIA recently joined a coalition of business groups to express our continued support of the 20-percent tax deduction for the qualified business income of qualifying passthroughs businesses, or S corporations. The 20 percent deduction was established by the 2017 tax reform law. PIA actively advocated for the passage of the 2017 tax bill (Public Law No. …

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Risk Rating 2.0 Dominates Second Senate Hearing on NFIP Reauthorization

On June 17, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a second hearing on the reauthorization of the National Flood Insurance Program (NFIP). The first hearing was held in May. The hearing featured the testimony of David I. Maurstad, the Deputy Associate Administrator of the Federal Insurance and Mitigation Administration (FIMA), …

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No Cuts to Crop Insurance in Biden Budget Request

The Biden administration released its fiscal year 2022 (FY22) budget request on May 28. The Budget request is released every year by each administration and amounts to a wish list of what that administrations’ funding priorities are for the year. While it is never enacted exactly as it is released, a budget request sets the …

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PIA Opposes Admin. Proposal to Raise Taxes on Business Assets

The Biden Administration is proposing the imposition of tax increases on businesses to pay for its proposed transportation and infrastructure plan. As part of this effort, the administration wants to repeal of the practice of stepping-up the basis for capital gains tax of assets transferred at death. This change would end the use of stepped-up …

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NFIP Hearing in Senate Banking Kicks Off Reauthorization Process

On May 18, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on the reauthorization of the National Flood Insurance Program (NFIP). PIA submitted testimony in which we urged the Committee to pass a long-term reauthorization and highlighted several specific reforms we’re pursuing this year. The NFIP’s most recent five-year reauthorization …

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Paycheck Protection Program Largely Depleted

The Paycheck Protection Program (PPP) was a key piece of the CARES Act, one of the first COVID relief laws passed last spring, now over a year ago. Administered by the Small Business Administration (SBA) and modified several times by Congress, the PPP offers forgivable loans to small businesses facing economic peril because of the …

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Member Spotlight: Rep. Emanuel Cleaver (D-MO)

Emanuel Cleaver was elected to the United States House of Representatives in 2004 to represent Missouri’s 5th Congressional District . Before he was elected to Congress, Rep. Cleaver served for 12 years on the city council in Kansas City. He also was elected mayor of Kansas City in 1991 and served in that role for two …

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