Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
Washington, D.C. - Congressman Charles B. Rangel commended the House for passing H.R. 41, legislation that provides $9.7 billion in relief aid to help the National Flood Insurance Program meet claims related to Hurricane Sandy. After the House passed the bill in a 354-67 vote, the Senate passed by unanimous consent and it has been sent to the White House for President Barack Obama to sign into law.
"The people and small businesses in the tri-state area who were affected by this devastating storm have waited for more than two months for the House act," Rangel said. "The passage of this legislation comes not a day too soon. Without the additional funds, FEMA would run out of the resources needed to pay flood insurance claims by the end of next week."
According to The Federal Emergency Management Agency (FEMA), there are a total of 120,000 flood insurance claims, of which 115,000 are related to Superstorm Sandy, that would be have been delayed unless the program received funds. This legislation ensures that the many small businesses and home owners who were flooded during the Storm will continue to be able to receive disaster relief aid.
The bill is the first of two that contains measures providing aid for the recovery efforts in the sftermath of Superstorm Sandy, that wreaked havoc in the Northeast region during the final weeks of October 2012. The vote on the second bill that could provide up to $51 billion in additional aid will take place on January 15, 2013.
"While I am disappointed that the Republican Leadership failed to bring the Senate-passed Sandy Disaster Relief package to the House floor in the final days of the 112th Congress, the passage of this bill represents a vital first step," Rangel continued. "I look forward to voting on the second part of this package in two weeks."
In the days leading up to Friday's vote, Rangel was vocal in urging Speaker John Boehner to bring the $60.4 billion Superstorm Sandy Supplemental Appropriations Bill, which was passed by the Senate on December 28, 2012, by a vote of 62 to 32, to the floor for an up-or-down vote before adjourning the 112th Congress.
Read this original document at: http://rangel.house.gov/news/press-releases/2013/01/rangel-lauds-passage-of-sandy-disaster-relief-package.shtml