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Pres. Obama Voices Support for Phasing Out NFIP Subsidies on Some Properties
Monday, September 19, 2011

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."

For full text of this article, please visit :
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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