WASHINGTON - Last week, the Senate Banking Committee had a hearing on substantial hikes in flood insurance resulting from a 2012 law. On Wednesday, House Financial Services Committee Chairman Jeb Hensarling, R-Tx., announced one of his subcommittees will also conduct a hearing. The hearing will be conducted by the Housing and Insurance Subcommittee on Oct. 9, starting at 9 a.m....
WASHINGTON - Last week, the Senate Banking Committee had a hearing on substantial hikes in flood insurance resulting from a 2012 law. On Wednesday, House Financial Services Committee Chairman Jeb Hensarling, R-Tx., announced one of his subcommittees will also conduct a hearing.
The hearing will be conducted by the Housing and Insurance Subcommittee on Oct. 9, starting at 9 a.m. CT.
During last week's Senate hearing, FEMA Administrator Craig Fugate said he doesn't agree with some of the huge increase facing some homeowners after their homes are remapped and placed in high risk flood areas. But he said under the law, he has no authority to reduce, or delay the increases. He urged Congress to act.
Rep. Bill Cassidy, R-Baton Rouge, who pushed for the House hearing, along with other members of the newly formed Congressional Home Protection Caucus, praised Hensarling for committing to a hearing.
"The Congressional Home Protection Caucus is working to ensure that flood insurance is both accessible and affordable. I appreciate Chairman Hensarling honoring our request to hold a hearing on this important topic. The attention the committee is giving this issue is another positive step towards our goal of addressing the affordability challenges surrounding flood insurance," Cassidy said.
At the Senate hearing, Alicia Cackley of the Government Accountability Office testified that under the 2012 Biggert-Waters flood insurance law about 438,000 policies won't be eligible for continued premium subsidies, including 345,000 policies for non-primary residences, 87,000 business policies, and 9,000 policies for single-family properties that had severe-repetitive loss claims.
