WASHINGTON — Congress is trying to right a four-decade-old federal flood-insurance program that was nearly sunk by Katrina and other 2005 hurricanes.
The House on Tuesday voted 406-22 to add five years to the life of the National Flood Insurance Program and carry out changes, such as allowing a bump in premiums, to restore solvency to the agency that owes some $17.8 billion to the federal Treasury.
The flood-insurance program, a branch of the Federal Emergency Management Agency, has been reeling in recent years because of the huge costs of Katrina and the inability of Congress to act on needed changes. Since 2006, the Government Accountability Office has identified the program as “high-risk” because of inadequate management and insufficient funds. The bill, which has the support of the White House, now goes to the Senate.
