Sen. Kay HaganKay HaganLinking repatriation to job creation Former Sen. Kay Hagan in ICU after being rushed to hospital GOP senator floats retiring over gridlock MORE (D-N.C.) announced Monday that she supports a bill aimed at delaying flood insurance rate increases.
A bipartisan group of senators have introduced Homeowner Flood Insurance Affordability Act, which would delay flood insurance rate hikes for at least four years.
The bill would block implementation of certain provisions in the Biggert-Waters Flood Insurance Reform Act until the Federal Emergency Management Agency (FEMA) completes a study on the affordability of new flood insurance rates and proposes solutions to avoid severe increases.
Those who support the bill say if Congress doesn’t act by the end of the year, steep rate increases could put flood insurance out of reach for 4 million homeowners and businesses across the country.
Sens. Bob Menendez (D-N.J.) and Johnny Isakson (R-Ga.) are the lead sponsors of the bill, which now has 23 bipartisan cosponsors.
It’s unclear if both chambers of Congress will pass the legislation before the end of the year. The House and Senate are only in session at the same time for one week this month. The legislation could get folded into an omnibus-spending bill that would keep the government operational.