WASHINGTON (10/30/13)--As expected, a bill was introduced in the U.S. House yesterday that would delay planned National Flood Insurance Plan rate increases for up to four years and implement other reforms.
On the one year anniversary of Superstorm Sandy, a bipartisan coalition of 57 House members signed on in support of the bill whose lead sponsors are identified in a release as Reps. Maxine Waters (D-Calif.), Michael Grimm (R-N.Y.) and Cedric Richmond (D-La.).
The bill calls for a four-year delay to the program and requires the Federal Emergency Management Agency (FEMA) to complete an insurance affordability study and propose a framework that addresses affordability issues. A companion measure has been introduced in the Senate by Sens. Robert Menendez (D-N.J.) and Johnny Isakson (R-Ga.).
Specifically, the legislation will accomplish the following: