WASHINGTON, Jan. 4 -- The Financial Services Roundtable issued the following news release:
The Financial Services Roundtable released the following statement following the passage of H.R. 41, which increases the borrowing authority of the National Flood Insurance Program (NFIP) by $9.7 billion.
"As a result of Superstorm Sandy, many policyholders suffered significant hardships. We are encouraged that Congress moved swiftly to delay further hardships and costs," said Tim Pawlenty, Roundtable president and CEO.
"We urge the 113th Congress to exercise continued oversight over the NFIP to ensure that the Biggert-Waters Flood Insurance Reform Act is implemented as intended. This Act is an important step to move the NFIP towards financial viability, including the phase-in of risk-based premium for repetitive loss properties, second homes, and grandfathered properties sold to new owners. We encourage the NFIP to look for ways to increase participation in the program, as well as release data to the private sector required by the Biggert-Waters Act," said Pawlenty.
The Financial Services Roundtable represents 100 integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.
Roundtable member companies provide fuel for America's economic engine, accounting directly for $98.4 trillion in managed assets, $1.1 trillion in revenue, and 2.4 million jobs.
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