WASHINGTON The House is pressing ahead with legislation to roll back a recently enacted overhaul of the federal flood insurance program after homeowners in flood-prone areas complained about sharp premium increases.
Lawmakers scheduled a vote for Tuesday night that would allow sellers to pass along their subsidized, below-market insurance rates to new buyers and lower the cap on how much flood insurance premiums can rise each year.
Rep. Michael Grimm, a New York Republican who co-sponsored the bill, says it would ensure that families across the country, including those still struggling to recover from Superstorm Sandy, can avoid "a wave of devastating premium hikes and foreclosures."
The bipartisan bill would tone down a 2012 law aimed at weaning hundreds of thousands of U.S. homeowners off subsidized flood insurance rates.
To comment, the following rules must be followed:
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.