Democrats wary of GOP flood insurance proposals | American Banker

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WASHINGTON — Democrats are raising concerns about a Republican push to transfer more of the risk of flood insurance to private insurers as Congress works toward reauthorizing the federal flood insurance program.

During a House Financial Services Committee hearing this week, Rep. Maxine Waters, D-Calif., said she fears private insurers will go after the wealthier, low-risk homeowners and leave the National Flood Insurance Program to cover the riskier, more flood-prone homeowners.

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