Washington - Americans for Smart Natural Catastrophe Policy, a national coalition of environmental, consumer, taxpayer, free market and industry organizations, urged Congress to review carefully the findings of a new economic study. The study, released by Robert Shapiro, who served as Under Secretary of Commerce for Economic Affairs in the Clinton Administration, and Aparna Mathur, a Research Fellow at the American Enterprise Institute, estimates massive new taxpayer liabilities if natural catastrophe legislation now pending in Congress is adopted.
The study, "The Economic Effects of Proposals for Federal Natural Catastrophe Reinsurance and New Loan Programs: Who Pays the Benefits?" estimates the economic burdens on individual states from Congressional legislation to provide state reinsurance loans, create a federal reinsurance backstop to cover state losses, or expand the National Flood Insurance Program (NFIP) to cover wind damage, if the U.S. Gulf Coast suffered a hurricane season comparable to that of 2005.
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