A key member of the Senate Banking Committee urged major changes in the National Flood Insurance Program (NFIP) during a June 9 hearing.
The comments by Sen. Richard Shelby (R-Ala.), ranking minority member of the committee, heighten concerns within the industry that Congress may not be able to complete work on a long-term reauthorization of the program before the current authorization expires Sept. 30.
In his comments, Shelby cites numerous concerns with the program. He says, "Every aspect of the program must undergo significant revision for it to survive and continue on a sustainable path."
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