House Republicans released a modified version of H.R. 3370, which would help thwart the skyrocketing insurance premiums associated with Biggert-Waters. The bill was filed just before midnight on Friday, Mar. 1, and will be on House floor calendar on Wednesday, Mar. 5.
The revised bill limits yearly premium increases to 18% per year, and tasks the Federal Emergency Management Agency (FEMA) with "striving" to "minimize the number of policies with annual premiums that exceed 1 percent of the total coverage provided by the policy."
The bill will need a two-thirds vote, and House Republicans are hopeful they can capture the bipartisan support needed.