NU Online News Service, July 18, 1:30 p.m. EDT
WASHINGTON—Flood-insurance reauthorization legislation proposed by the leadership of the Senate Banking Committee would mandate a phase-out of subsidies while forgiving the program's debt.
The draft legislation aimed at reauthorizing the National Flood Insurance Program (NFIP) until Sept. 30, 2016 was floated this weekend by Sen. Tim Johnson, D-S.D., chairman of the committee, and Sen. Richard Shelby, R-Ala., ranking minority member of the Senate panel.
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