WASHINGTON–Legislation aimed at reforming the National Flood Insurance Program and strengthening its financial position was approved unanimously today by the Senate Banking committee.
Committee Chairman Chris Dodd, D-Conn., said the bill "helps to ensure that the flood insurance program can continue to provide critical insurance coverage so that people are not crippled when facing damage to their homes and businesses."
Under the measure the program's $20 billion debt would be forgiven.
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