Senate Banking Subcommittee on Economic Policy Chairman Jon Tester (D-MT) said a long-term extension of the National Flood Insurance Program was “imperative.” Senators Tester and Vitter (R-LA) support bi-partisan legislation which allows a five-year extension, an insurance rate increase up to 15%, instead of the current 10% a year and forgives $18 billion in debts for the federal program, most from large payouts after Hurricane Katrina and Rita in 2005.
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