The National Flood Insurance is in dire need of reform, facing massive deficits and systemic risk issues. Despite these growing problems, legislators have paid it little attention, kicking the can down the road with short term extensions. The NFIP has not seen a long term reauthorization since 2008, when its last long term authorization expired. [...]
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Government spending has dominated both the media and debate on Capitol Hill in recent weeks, with both parties becoming increasingly polarized and deadlocked, creating little progress in bringing the federal budget back in line. While much of the debate has revolved around the traditional topics of tax increases and discretionary spending, one area that has [...]
Letter from Washington: A flood floor vote, corporate taxation and Herman Cain’s 9-9-9 plan
Heartland Institute Vice President Eli Lehrer discusses the upside of 9-9-9, the downside of taxing corporations and the murky side of the flood insurance reform debate.
Sean Carr of rating agency A.M. Best’s BestWeek and BestWire publications is reporting (subscription required for the link) that both Republican and Democratic leaders of the House Financial Services Committee are calling on members of the Joint Select Committee on Deficit Reduction – also known as the “Super Committee” – to take up flood insurance [...]
When the levee breaks…
Ignoring the lessons of Katrina, Sens. Thad Cochran and Mark Pryor are trying to change pending Senate flood insurance reform legislation to exempt properties behind levees and dams from the requirement to purchase flood insurance.
Congress may finally be nearing an agreement on a extension of the National Flood Insurance program, which is due to expire in early October. While the two bills moving through the House and Senate are different in some ways, the basics of the extensions and reforms are similar in each bill. In a new Bloomberg [...]
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