Saturday, September 20, 2008

Congress Debating Flood Insurance Program

The U.S. flood insurance program would be temporarily extended for seven months under legislation introduced in Congress by U.S. Rep. Barney Frank (D-Mass).

The extension would give the lawmakers time to work out deep disagreements over the troubled program, which expires at the end of the year.

It was unclear whether the Senate would agree to the extension. Congress has been unable to agree on whether to add wind damage coverage to the 40-year-old flood insurance program, and whether to forgive its $18-billion debt from Katrina.

Source: Reuters

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