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"We have three major economic priorities all facing tight statutory deadlines," said Biggert, who holds senior positions on the committees that handle both student loans and flood insurance. "Sometimes, it's easier to achieve compromise when you encourage your colleagues to look at the big picture. Reforming the NFIP will restore financial security to the flood program, which yields savings for taxpayers and stability in the housing market. At the same time, we're extending affordable loan rates for our students and federal road funds. These are all critical issues, and a this agreement gives us the momentum to get all three over the finish line."
The current short-term authorization of the NFIP, which provides coverage in flood-prone communities, is set to expire on
"After 17 extensions since 2008, multiple lapses in the program, and months of inaction, this flood insurance reform measure is a major bipartisan accomplishment," said Biggert. "The agreement eliminates barriers to the development of a private flood insurance market, and it helps to take taxpayers out of the insurance business."
The agreement also stops a scheduled hike in student loans rates. Under a 2007 statute, the interest rate on subsidized Stafford loans to undergraduate students was phased down from 6.8% to 3.4%, but interest rates are scheduled to return to previous levels unless
"Our kids are moving back home after college for want of a paycheck," said Biggert. "They shouldn't have to pay the price for gridlock in
Finally, the agreement will include a two-year extension of federal transportation funding. Recently, Biggert joined forces with suburban colleagues
Read this original document at: http://biggert.house.gov/press-releases/biggert-pushes-trifecta-on-flood-insurance-roads-and-student-loans/
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