The Financial Services’ Housing and Insurance Subcommittee yesterday discussed the importance of implementing the Biggert-Waters Flood Insurance Reform Act without delay in order to protect taxpayers from having to continue bailing out the debt-ridden National Flood Insurance Program.

With a $24 billion debt, the National Flood Insurance Program (NFIP) cannot continue to operate on its current fiscal trajectory. Since 2006, the Government Accountability Office has labeled the NFIP a “high risk” to taxpayers, as it does not charge rates sufficient to cover its obligations and projected losses.

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