WASHINGTON–Sen. Hillary Rodham Clinton, D-N.Y., joined with Sen. Bill Nelson, D-Fla., today in introducing legislation sponsors said is designed to help states deal better with natural catastrophes.
The legislation, the "Homeowners Defense Act of 2007," was introduced in the Senate as companion legislation, for a House measure introduced by two South Florida Democratic legislators, Rep. Ron Klein and Tim Mahoney. The House bill is scheduled for a Thursday debate..
Under the proposed Clinton-Nelson legislation, states would be allowed to pool their catastrophic risk together and then transfer it to the private market through the use of catastrophe bonds or the purchase of reinsurance.
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