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As of this writing, the Senate Banking Committee is preparing to act on legislation that would provide a long-term reauthorization of the National Flood Insurance Program (NFIP). 

However, a draft bill distributed by the leadership of the committee is much different than legislation passed by the House. The Senate version contains provisions that many members of Congress may find difficult to take back to their constituents.

For example, the draft bill would mandate a phase-out of subsidies while forgiving the program’s $18 billion debt. It would also limit the program’s borrowing authority with Treasury to $1.5 billion. 

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