House postpones vote on flood insurance bill
Influential conservative groups such as the Heritage Foundation, Americans for Prosperity and the R Street Institute have written editorials and lobbied members of Congress to oppose changes to the 2012 Biggert-Waters Act, which was broadly supported by both parties two years ago.
Political races are likely driving some elected officials in coastal states such as Louisiana and New York to go against principle to appease constituents who are angry about the premium hikes, says Andrew Moylan, senior fellow at the R Street Institute.
“Everybody knows what the right thing to do policywise here is and they are actively choosing not to do it because of the political situation,” he said in a conference call Wednesday.
Moylan was joined by Rob Moore, of the Natural Resources Defense Council environmental group, who said continuing to offer rates that don’t reflect true risk only creates more peril for people in flood zones.