Today, President Obama is expected to sign legislation bringing relief to those homeowners facing skyrocketing flood insurance rates. The Senate approved the bipartisan House-passed legislation on Thursday by a 72-22 vote. The House overwhelmingly passed the bill last week 306-91.
"This is truly a victory for people dramatically affected by these extreme rate increases," said Rep. McKinley. "After listening to homeowner's concerns through emails, phone calls, letters, and meetings in the First District, their voices were finally heard in Washington and Congress took quick action. Lawmakers representing all political interests from conservatives to bankers to environmentalists came together and brought these homeowners real relief. That's the way Washington should work."
The bill would keep subsidized rates for many homeowners, increasing at more gradual rate, and scale back big flood insurance premium increases faced by hundreds of thousands of homeowners.
"This proposal will not add to the debt and makes permanent reforms," added McKinley. "Now communities all up and down the Ohio River in the First District such as Wheeling, New Martinsville and Fairmont will see relief."