Washington–The House Financial Services Committee approved legislation today that would increase the National Flood Insurance Program borrowing authority and make several reforms to the program.
The committee passed the measure by a voice vote after rejecting a proposed amendment by Rep. Jeb Hensearling, R-Texas. That proposal, voted down 44 to 10, would have immediately ended the subsidized rates paid for flood coverage by homeowners whose property predates the Flood Insurance Rate Maps.
The current bill only eliminates the subsidies for nonprimary residences and vacation homes over time.
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