Today, Congressman Bill Cassidy, M.D. (R-LA) sent a letter with 15 other Representatives to President Barack Obama, insisting he suspend flood insurance rates hikes until an affordability study required by the Biggert-Waters Flood Insurance Reform Act of 2012 is completed.
The affordability study is meant to determine whether homeowners can afford the flood insurance rate hikes imposed by Biggert-Waters. According to the law, the affordability study was to be completed before risk-based rates were implemented, because the findings of the study are intended to be compared to the existing subsidized and grandfathered rates. Dr. Cassidy released the following statement:
"The Obama Administration must comply with the law, and that includes the Biggert-Waters Act. It's inappropriate to proceed with flood insurance rate hikes if the affordability study has not been finished. The President must demand that FEMA postpone rate hikes and we will push for that suspension to occur."
A copy of the letter sent to President Obama is available here.
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