Senate Banking Committee leaders are working on a flood insurance reform bill and committee chairman Richard Shelby, R-Ala., wants to mark up a bill before Memorial Day.Sen. Shelby is working with Sen. Paul Sarbanes, D-Md., and others to put together a bill, committee spokesman Andrew Gray said. Chairman Shelby has said he wants to fix the "bankrupt" federal flood insurance program and make it actuarially sound. However, Sen. Sarbanes has been urging moderation to ensure premiums remain affordable. In early April, the House Financial Services Committee approved by voice vote a flood insurance bill that would phase out over seven years subsidized premiums on vacation and second homes.
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