Louisiana lawmakers try to block big increases in flood insurance rates
The R Street Institute said the 2012 flood insurance legislation was sound legislation that addressed inherent flaws in the program that put the program $30 billion in debt and encouraged people to live in high-risk areas.
“Congress took a measured approach to reform by phasing out the most indefensible subsidies and ensuring that any rate increases were modest and gradual,” R Street Institute Senior Fellow R.J. Lehmann said. “Sen. Landrieu’s bill would undo all of the hard work and delicate compromises that went into a decade’s worth of consensus building in Congress. More importantly, it represents a return to many of the bad policies that got the NFIP into the mess it currently faces.”