WASHINGTON ‒ In a letter to Senator Patty Murray (D-WA) and Representative Jeb Hensarling (R-TX), SmarterSafer.org urged the Joint Select Committee on Deficit Reduction to protect taxpayers and reduce inefficient federal spending by reforming the National Flood Insurance Program (NFIP). Murray and Hensarling are co-chairs on the committee, which is charged with finding federal deficit reduction measures. “Our diverse coalition believes that Congress could protect taxpayers and reduce inefficient federal spending by reforming NFIP,” said SmarterSafer.org in the letter. “For over 40 years, the federal government, through NFIP, has provided…
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Legislators look to revoke insurance mandate on areas protected from floods
Two legislators are looking to reverse federal flood-insurance mandates requiring property owners in areas protected by flood-control structures to have flood insurance. Senators Thad Cochran of Mississippi and Mark Pryor of Arkansas say that the mandate presents an undue financial burden to those living in areas that are not prone to floods due to the protective measures taken against such a happening. The legislation in question is part of the National Flood Insurance Program, which itself is the subject of much debate in Congress due to its financial instability. The…
Read MoreRealtors pressure Congress to reform the National Flood Insurance Program
Realtors have raised an alarm regarding flood insurance. Flood insurance is currently a major, yet little known issue in the U.S. Most homes do not have protection against flood damage and those homes that are required to have such protections as per their mortgage agreements obtain this coverage through the National Flood Insurance Program (NFIP). The federal program has been crippled by debt, however, making its future uncertain. If the program does fail, realtors from the National Association of Realtors fear that the still-fragile housing market may not survive the…
Read MoreInsurance group spends more than $300,000 lobbying the federal government
The American Insurance Association spent more than $300,000 in lobbying the federal government during the second quarter of this year. Much of the lobbying effort was focused on disaster insurance and regulatory reform. The insurance organization has been pressuring legislators to pass laws that would make insurance more accessible to those in disaster prone areas. The money spent during the second quarter was not only spent to lobby the House and Senate, it also went toward lobbying efforts targeted at the Department of Treasury and Federal Reserve System. The association…
Read MoreSMARTERSAFER.ORG Urges Senate To Pass NFIP Reauthorization Before Sept. 30 Expiration
In a letter to Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell, SmarterSafer.org today urged the Senate to pass legislation to re-authorize the National Flood Insurance Program (NFIP) before it expires on Sept. 30. “While we believe the bill could be strengthened, the Banking Committee has taken a needed step to reforming the nation’s flood insurance program and Smarter Safer joins a range of stakeholder groups in applauding this legislation,”SmarterSafer.org said in a letter to the Senators. “We urge the full Senate to quickly pass this needed…
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