Opponents flag exemption from insurance mandate as Senate commences flood bill debate
From SNL Financial:
The bill unanimously approved by the Senate Banking Committee in September 2011, S. 1940, provides for mapping residual risks in areas protected by flood-control structures. This allows all property owners to be treated equally, based on their flood risk, Taxpayers for Common Sense Vice President Steve Ellis and R Street Institute Public Affairs Director R.J. Lehmann said in a joint letter urging lawmakers to reject the amendment.
“Currently, policy assumes that no levee will ever suffer an overflow or breach,” they wrote. “This approach ignores reality. Just last summer levees along the Mississippi and Missouri rivers failed.”