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Flood insurance revamp hearing is today
WASHINGTON (3/11/11)--A House Financial Services subcommittee today will conduct a hearing to study legislative proposals to reform the country’s flood insurance program, which is intended to offer some security to homeowners and business in flood-prone areas. Rep. Judy Biggert (R-Ill.), chairman of the subcommittee on insurance, housing and community opportunity, which is conducting the review, cited “inadequate management and insufficient funds,” as key problems of the program her subcommittee is scheduled to examine. “It’s crucial that we begin to restore the financial integrity of (the National Flood Insurance Program) NFIP so that homeowners and businesses in flood-prone areas, like many in Illinois, are not left without any protection and taxpayers are not on the hook for the failings of NFIP," she said. Witnesses for the hearing include: Craig Fugate, administrator, Federal Emergency Management Agency Orice Williams Brown, managing director, Government Accountability Office (GAO), Sally McConkey, vice chair, Association of State Flood Plain Managers and manager, Coordinated Hazard Assessment and Mapping Program, Illinois State Water Survey. For a complete witness list, use the resource link below.
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