Washington–The House Financial Services Committee approvedlegislation today that would increase the National Flood InsuranceProgram borrowing authority and make several reforms to theprogram.
The committee passed the measure by a voice vote after rejectinga proposed amendment by Rep. Jeb Hensearling, R-Texas. Thatproposal, voted down 44 to 10, would have immediately ended thesubsidized rates paid for flood coverage by homeowners whoseproperty predates the Flood Insurance Rate Maps.
The current bill only eliminates the subsidies for nonprimaryresidences and vacation homes over time.
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