The House Financial Services Committee yesterday approved byvoice vote and sent to the floor a measure to increase theborrowing authority of the federal flood insurance program beforeit runs out of cash.
Agent groups while applauding the panel's action voiced concernthat final action on the bill would be delayed. The legislationpassed by the committee would increase the borrowing authority ofthe Federal Emergency Management Agency by $22 billion from thecurrent $3.5 billion.
The Bush administration has proposed an increase to only $8.5billion because of the impact on the budget deficit.
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