Reforming Federal Flood Insurance Program Considered Major Legislative Priority in 2006
January 19, 2006
Hurricanes Katrina and Rita did more than pulverize the Gulf Coast in Louisiana and Mississippi last year; they also revealed gaping problems in the federal flood insurance program that Congress now says it plans to fix. Lawmakers late last year approved legislation to raise the National Flood Insurance Program’s borrowing authority to $22 billion – the third such increase in 2005 made necessary to pay off hurricane claims. The latest bailout bill also included some…