Senate Agrees To Extend Flood Insurance Program
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WASHINGTON — The Senate agreed yesterday to write off — and hand over to taxpayers — more than $17 billion in debt that a FEMA flood insurance program accumulated after being devastated by Katrina and other 2005 hurricanes.
The bill to extend the National Flood Insurance Program for five years also includes measures, such as increasing premiums and reducing subsidies, aimed at putting the 40-year-old program on a better financial footing.
The 92-6 vote sends the bill to negotiations with the House, which passed similar legislation last September.
