For the last 15 years, the National Flood Insurance Program — the nation’s primary source of flood insurance — has lurched from one financial crisis to the next, accruing a massive $20.5 billion debt with the U.S. Treasury to cover its persistent shortfalls. Congress’ decision to cancel $16 billion of NFIP debt in 2017 only kicked the can down the road. Now, the Build Back Better reconciliation bill being crafted in Congress includes a provision to forgive all of the NFIP’s debt. instead of fixing the program’s core flaws, some lawmakers are willing to throw more good money after bad.
You can read this entire op-ed in the Morning Consult.