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.
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