Congress Approves $9.7 Billion in Insurance Funding to Aid Sandy Victims
The U.S. House of Representatives approved an initial round of funding for the National Flood Insurance Program. Another $50 billion could come Jan. 15.
The U.S. House of Representatives approved a measure late Friday afternoon allowing the Federal Emergency Management Agency (FEMA) to borrow $9.7 billion to pay insurance claims made by victims of Hurricane Sandy. The bill, HR 41, temporarily increases the borrowing authority of FEMA to allow the agency to carry out payment claims made by property owners to the National Flood Insurance Program. Congress moved to approve the funding stop-gap Friday after concerns were raised that aid for Sandy victims had been delayed too long. The House, specifically, Majority Speaker John Boehner, R-OH, came under fire for tabling a Sandy aid package until after the New Year. Congress is expected to vote on two additional bills authorizing more than $…
