House Passes U.S. National Flood Insurance Change
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The U.S. House passed legislation trimming premiums for government-sponsored flood insurance that proponents say have dampened real-estate markets in coastal areas.
Coastal-state lawmakers -- backed by banking, homebuilding and real estate groups -- say their constituents need relief from premium increases that resulted from 2012 legislation to cut the National Flood Insurance Program’s $24 billion debt. Small-government groups say the bill is the latest example of the difficulty in enacting meaningful cuts in federal spending.