How Washington lobbyists fought flood insurance reform
They have already maneuvered to slow lawmakers' efforts to overhaul the National Flood Insurance Program and protect their industries’ profits. By ZACHARY WARMBRODT and THEODORIC MEYER
| 09/02/2017 07:32 AM EDT The catastrophic weather in Texas has thrown the spotlight on the federal government’s troubled flood insurance program, which is nearly $25 billion in debt after huge payouts following Katrina, Sandy and other devastating hurricanes.
But as Houston starts the long process of recovering, lobbyists in Washington have already maneuvered to slow lawmakers efforts’ to overhaul the National Flood Insurance Program and protect their industries’ profits.
The powerful home builders’ lobby helped kill a proposal that would have phased out coverage for new construction in high-risk areas. The National Association of Realtors blocked an attempt to rein in discounted insurance rates that homeowners can get when their flood risk increases. And the American Bankers Association has warned of a “regional foreclosure crisis” if Congress axes coverage for homes with excessive claims.
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http://www.politico.com/story/2017/09/02/flood-insurance-program-lobbyists-242275
