Washington Update: Senators Oppose Flood Provision; Frank to Retire

The Senate Banking Committee is being urged to drop a provision in flood-insurance legislation that would require homeowners and businesses to purchase federal flood coverage even if their properties are protected by levees.

“Areas protected by properly constructed and maintained levees, dams and other flood-control infrastructure should not be arbitrarily declared areas of special flood hazard,” reads a letter to the committee from 13 senators on both sides of the aisle.

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