State insurance chief says new flood insurance rates will hit middle- and low-income homeowners hard, forcing some to walk away from their homes.
Rates to sharply increase after Oct. 1, while Louisiana lawmakers cry foul.
Louisiana insurance chief says 2014 NFIP rate increase would raise rates for "working coast" beyond affordability.
Congress is currently deflecting intense pressure to roll back virtually all the increases in flood insurance premiums imposed in 2012.
Amendment passed Tuesday would bar the rate increases by preventing FEMA from using federal funds to implement Sec. 207.
The amendment passed 281-146, and the appropriations bill was later approved by the full House and sent to the Senate.
Ranking House Financial Services Committee member, 26 others express concern to FEMA over flood insurance affordability.
GOP Rep. Randy Neugebauer asks for speedy approval from banking industry regulators, sparking calls for caution from some insurers.
Mississippi insurance commissioner makes that observation, while FEMA says agency continues to eye NFIP privatization.
Bill would slow rate of increase in NFIP premiums in areas that had been declared disasters.