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In this March 31, 2010 file photo, water encircles homes from the flooded Pawtuxet River in West Warwick, R.I. (AP Photo/Charles Krupa, File)

Draft legislation reauthorizing and reforming the National Flood Insurance Program (NFIP) released over the weekend by House Republicans opens the door to privatization of the program.

The provision says that within 18 months, the Federal Emergency Management Agency (FEMA) should conduct separate studies on privatizing the NFIP and make reports to Congress on the issue.

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