WASHINGTON—-Democratic presidential candidate Barack Obama offered his support to a proposed national catastrophe fund, provided it does not also encourage risky development.
“I think that we need a national catastrophe fund,” Sen. Obama said in an interview with the Palm Beach Post. “The key is to make sure that it's run efficiently, that it's adequately funded, and that we build in smart incentives to assure that developers are mitigating risk when they're making decisions on where to locate homes or businesses.”
Sen. Obama referred to legislation passed by the House to implement a national catastrophe fund as a “good start.” The legislation, the Homeowners Defense Act, or HR 3355, is currently awaiting action by the Senate Banking Committee.
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