2 years later, Congress poised to undo flood law

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2 years later, Congress poised to undo flood law
By MATTHEW DALY
Associated Press
Mar 5, 3:55 AM EST

WASHINGTON (AP) -- Less than two years after Congress approved a landmark bill to overhaul the federal flood insurance program, lawmakers are poised to undo many of the changes after homeowners in flood-prone areas complained about sharp increases in premiums.

The House overwhelmingly passed a bill Tuesday night that would allow sellers to give their subsidized, below-market insurance rates to new buyers and lower the cap on how much flood insurance premiums can rise each year.

Rep. Michael Grimm, a New York Republican who co-sponsored the bill, said it would ensure that families across the country, including those still struggling to recover from Superstorm Sandy, can avoid "a wave of devastating premium hikes and foreclosures."

The Senate could soon follow. Sen. Robert Menendez, D-N.J., says he supports the House measure, which mirrors a bill he sponsored and the Senate approved in January.