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House Democrats’ Housing Bill Includes a $20 Billion Bailout of Federal Flood Insurance

House Democrats’ Housing Bill Includes a $20 Billion Bailout of Federal Flood Insurance

Christian Britschgi of Reason reports that a House Democrats’ housing bill includes a $20 billion bailout for the National Flood Insurance Program (NFIP).

The C3 Take
  • While well intentioned, the NFIP has become a program that is in serious need of reform and is $20 billion in debt.
  • The NFIP fails to accurately assess risk which incentivizes poor building practices and puts people in harm’s way.
  • Instead of issuing another bailout, Congress should reform the NFIP to make it a more sustainable program that accurately reflects flood risk.

“By 2017, the NFIP had accumulated $30 billion in debt to the Treasury. That same year Congress passed a bill wiping out $16 billion of that debt. But continued borrowing since has left it $20 billion in arrears.”

Read the full article here.

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