The bill was passed last week by the House.
The enactment of the bill was a victory for two Louisiana lawmakers who will face each other on the ballot this fall: Democratic Sen. Mary Landrieu and Republican Rep. Bill Cassidy.
Cassidy was co-sponsor of the House bill and Landrieu had worked for months to undo the 2012 Biggert-Waters reform bill which led to premium increases.
President Obama is expected to sign the bill this week.
Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.