In 2018, an interesting study was published by the nonprofit R Street Institute, which found that the Federal Housing Finance Agency (FHFA) was allowing government sponsored enterprises (GSEs) to issue federal loans without requiring earthquake insurance for borrowers, potentially putting the taxpayer at substantial risk should a catastrophe occur. Now several years later, a report […]
flood
Morning Consult: Don’t Bail Out the NFIP Again. Fix Its Flaws
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 […]
Coalition Letter Calls on Congress to Fix the NFIP
Today, a coalition of think tanks submitted a letter to Congress urging them not to bailout the National Flood Insurance Program, but to make common-sense changes to the program. You can read the letter here.
Coalition Letter to Congress on National Flood Program
A coalition letter send a letter to the U.S. Senate and House of Representative leadership in support of public policies to improve the flood resilience of homes and within communities. In particularly, the letter endorsed efforts by the Federal Emergency Management Agency to modernize the rate-setting system of the National Flood Insurance Program. The entire […]
Economic Standard: The Need to Reform the National Flood Insurance Program
For years, the National Flood Insurance Program (NFIP), which maintains a near-monopoly over the flood insurance market in the U.S. and covers more than 5 million properties nationwide, has been drowning in red ink. Without significant reforms, it will only get worse. The NFIP, which is overseen by the Federal Emergency Management Agency (FEMA), was […]
As Natural Disasters Become More Frequent, Mitigation is Critical
The federal government has been slow to adapt to the realities of climate change. Disaster management programs and policies designed a half-century ago are proving wholly inadequate for the challenges we face today — and those we know are coming. You can read this opinion piece in The Economic Standard.
COVID-19 Makes Hurricane Preparation More Urgent
2020 has been an undeniably tough year already, and the hurricane season is projected to make it even tougher for communities along America’s eastern coast. Up to six major hurricanes are predicted, rising from an average of three, between the start of June though the end of November. Against the backdrop of an economy in […]
Waco Tribune Herald: Government Loses Billions Coddling Coastal Elites
If experts are to be believed, climate change is set to reshape America’s physical geography through rising sea levels and increasingly wild weather. Despite the risks, many federal programs are being used to protect some of America’s wealthiest seaside communities. Rather than forcing taxpayers to bankroll their beach lifestyle, the Federal Emergency Management Agency should […]
Inside Sources: It Is Time to Fix the Federal Flood Insurance Program
Better mapping and pricing at risk is paramount, and spreading that risk to private insurers is necessary to cut this wasteful federal spending. It’s time for Congress to stop kicking the can down the road and fix the problem. You can read this op-ed in Inside Sources. How the Rich are Using Federal Money to […]
THE HILL: National Flood Insurance Program Needs Long-Term Reauthorization to Address Key Challenges
As the House Financial Services Committee Meets this week to discuss reauthorizing the National Flood Insurance Program (NFIP), there is a lot at stake. The NFIP, on which 5 million Americans depend for protection from flooding, began with the best of intentions — reducing the burden on federal taxpayers stemming from flood relief while providing […]