The Biggert-Waters Act of 2012 was named following its 2 congressional sponsors, not the dilemma it was meant to handle.
The act was a bipartisan answer to a challenging, long-phrase difficulty, made to quit the Nationwide Flood Insurance coverage System from going deeper into debt by minimizing federal insurance coverage subsidies for the owners of property in flood-prone areas. Passed by a huge bulk in Congress and signed into law by President Barack Obama, it known as for raising premiums in excess of time by redrawing maps to reflect improved flood risks based on actual claims and altering climatic problems.
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