Obama Seeks $9.7B More For Post-Sandy Flood Insurance

Law360, New York (December 10, 2012, 5:09 PM EST) -- The Obama administration on Friday asked Congress to give the Federal Emergency Management Agency an extra $9.7 billion in borrowing authority for the National Flood Insurance Program, as part of a $60.4 billion Hurricane Sandy relief proposal.

If approved, the money would be a 50 percent increase for the program, which is currently capped at $20.7 billion, and would go to filling claims filed by the thousands of residents of the Northeast who were impacted by the late October storm.

In letters to House Speaker John...
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