The recent lapse in the National Flood Insurance Program served to remind many that the cash-strapped program is overdue for a permanent solution.
For the past few years, the program has survived has survived on a series of temporary extensions and, according to the U.S. Government Accountability Office, the NFIP owes the U.S. Treasury nearly $20 billion, and is ill equipped to meet losses in the event of a future catastrophe. Against this backdrop, the House Financial Services Subcommittee on Housing and Community, held hearings Wednesday on the program.
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