Why doesn’t Congress just do the right thing and re-authorize this for 10 years or something like that?
The answer lies in the following excerpt:
“Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, earlier this month said the extension is designed to provide time for the House and Senate to reconcile their differences over the future of the program, especially the House demand that the program be expanded to include wind coverage.”
By including wind coverage (think hurricanes) this would add considerable exposure to the NFIP.
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