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Pres. Obama Voices Support for Phasing Out NFIP Subsidies on Some Properties

by | Sep 19, 2011 | News & Views

ARTHUR D. POSTAL “Pres. Obama Voices Support for Phasing Out NFIP Subsidies on Some Properties.” PROPERTYCASUALTY360.COM

NU Online News Service, Sept. 19, 2:39 p.m. EDT

“WASHINGTON—In
his deficit-reduction proposal, President Obama voices support for
provisions in House legislation that would eliminate subsidies, over
five years, on 30 percent of properties insured by the National Flood
Insurance Program.
Legislation
pending before the Senate would accelerate the end of subsidies by
ending them over four years. The Senate Banking Committee passed its
bill Sept. 8 and it is now awaiting Senate floor action.
Ben
McKay, senior vice president of federal government relations for the
Property Casualty Insurers Association of America (PCI), says, “We are
pleased that President Obama included critical NFIP reforms in his
deficit-reduction proposal to Congress.”
He
says the president identified the NFIP as a key federal program that
can contribute to deficit reduction, and reiterated his support for H.R.
1309, the House legislation that garnered overwhelming bipartisan
support in July.”

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Pres. Obama Voices Support for Phasing Out NFIP Subsidies on Some Properties | PropertyCasualty360

To access the White House Office of Legislative Affairs release, please see attachment below.

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