• Most Popular
  • Most Shared

Temporary US flood insurance extension likely-sources

Thu Sep 18, 2008 1:44pm EDT

WASHINGTON, Sept 18 (Reuters) - The U.S. Congress was moving on Thursday toward a possible short-term extension of the nation's troubled federal flood insurance program, which is set to expire in 12 days, industry lobbyists said.

Stocks  |  Regulatory News  |  Bonds

The Senate and the House of Representatives have been unable to work out disagreements over proposed reforms to the 40-year-old, debt-burdened program, which insures millions of American homeowners in flood-prone areas.

With the impasse looking insurmountable for now and Congress set to adjourn next week, House Financial Services Committee Chairman Barney Frank is proposing a three- to seven- month temporary extension of the program, said three industry lobbyists, who asked not to be identified. (Reporting by Kevin Drawbaugh; Editing by Andre Grenon)

Stocks
Regulatory News
Bonds


More from Reuters

Afghan insurgents kill CIA agents, Canadians

KABUL (Reuters) - Insurgents intensified their campaign against military targets and U.S.-led forces in Afghanistan, killing eight U.S. CIA agents at a base and four Canadian servicemen on patrol and a journalist accompanying them.

» More Top News
Floor traders work at the Hong Kong Stocks Exchange, January 16, 2008. REUTERS/Bobby Yip

My way or the highway?

Hong Kong is poised to accept Beijing's accounting standards. That's good. The system, though, is prone to scandal. That's bad.  Full Article 

Global Markets
People walk past a branch of Bank of America in New York's financial district April 28, 2009. REUTERS/Brendan McDermid
Rolfe Winkler:

Move your money

Boycotting "too big to fail" banks is a great idea -- so long as investors remember that banks aren't the only ones responsible for the crisis.  Full Article 

    Commentary