With time again running out and recent floodwaters just now receding in the Midwest, the Senate Banking Committee held hearing on the fate of the National Flood Insurance Program. Indeed, with fiscally hobbled NFIP again set to run out of funding this fall, the hearings took on a certain sense of urgency.
William Fugate, the administrator of the Federal Emergency Management Agency, which has oversight of the NFIP, outlined many of the problems with both the NFIP as currently structured and with the nature of flood risk in general.
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