Criticized federal flood plan likely to continue
Chattanooga Times Free Press
WASHINGTON — Congress is preparing to extend the National Flood Insurance Program for another year, despite warnings that the program lacks adequate controls and may be shifting too much money to the insurance industry.
The insurance program, deeply in debt since Hurricane Katrina, operates as a public-private partnership, collecting more than $2 billion in annual premiums. The Federal Emergency Management Agency runs the program, and the government bears all the risk.
Full story: Criticized federal flood plan likely to continue