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Banking Panel Approves Flood Insurance Bill

Posted on 9/9/2011

The Senate Banking Committee yesterday approved legislation to reauthorize the National Flood Insurance Program for five years. The bill also would overhaul the program's finances by phasing out subsidies, expanding mandatory coverage areas, and introducing actuarially sound rates that reflect the true risk of flooding. The bill now goes to the full Senate. The House passed its own version (H.R. 1309) in July. The program's current authorization is scheduled to expire at the end of the month.

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