The administrator for the Federal Emergency Management Agency said it will take up to two years for a study on affordability issues related to the National Flood Insurance Program to be completed.
FEMA head W. Craig Fugate today responded to requests from critics of flood insurance rate increases set to take hold Oct. 1 under the Biggert-Waters Act of 2012. Some groups have pushed to delay the increases until a study is complete.
"It will likely take at least two years to complete the study due to the need to obtain data on policyholders and their incomes," he said at a tense hearing convened by the Economic Policy Subcommittee of the Senate Banking Committee.
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