Senate Clears Flood Insurance Bill
The Senate today cleared legislation that would stop premium increases under the National Flood Insurance Program.
The vote was 72-22 and the bill now goes to President Barack Obama for his signature.
The bill would roll back changes enacted in 2012 to shore up the program and address a now $24 billion debt racked up after destructive hurricanes.
The legislation quickly moved through Congress, with many lawmakers concerned that rates would go up on their constituents. The Senate passed a version of the bill in January on a 67-32 vote. The House then passed its own version in a 306-91 vote on March 4 after House leadership sidestepped objections from conservatives and struck a compromise with Democrats.
Conservative lawmakers, including House Financial Services Chairman Jeb Hensarling, argue the bill goes too far in pushing back changes intended to improve the program’s finances that were just put in place.
Stopping the increases set in motion in 2012 has been a major priority, however, for many Republicans and Democrats ahead of the mid-term elections.
For instance, the bill has become part of the Louisiana Senate race.
Democratic Louisiana Sen. Mary Landrieu and Republican Rep. Bill Cassidy, who are going head to head in the race for her seat, have pushed hard to get the bill into law.
