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H.R. 1309, the Flood Insurance Reform Act of 2011, has cleared the House Financial Services Committee and will now be voted on by the full chamber.

Sponsored by Rep. Judy Biggert, (R-Ill), H.R. 1309 makes a series of changes to the debt-ridden National Flood Insurance Program, including reducing price subsidies, updating maps, increasing capacity in the program, and, most importantly, phasing in actuarially-sound premiums. To plug the hole in the program’s finances, the bill now allows the administrators of the program to increase premium rates 20% annually in newly-mapped areas.

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