Banking on public outrage against insurance companies, 4th District Rep. Gene Taylor says his bill to add wind coverage to the federal flood-insurance program stands a better shot at passage this Congress.
“I would think that if there is ever a time to convince our fellow congressmen to rein in this industry, it’s now,” said Taylor, a Democrat.
Taylor reintroduced a bill this month that would expand the federal flood-insurance program to include wind coverage, which supporters say is important to homeowners in areas hit by hurricanes.
The bill, called the Multiple Peril Insurance Act, would allow homeowners who buy federal flood insurance to also purchase wind coverage.
Taylor said he expects more attention will be paid to his bill this year because lawmakers are upset that American International Group gave $165 million in employee bonuses after receiving more than $180 billion in a government bailout of the financial services industry. The House passed a bill Thursday that would impose a tax of 90 percent of those bonuses.