17 March 2017Insurance

Trump’s FEMA cuts a 'foolish strategy': SmarterSafer

Trump Administration’s proposed spending cuts to the Federal Emergency Management Agency (FEMA) would put lives, property and taxpayer dollars at risk, according to SmarterSafer.

SmarterSafer, the US coalition of taxpayer advocates, environmental groups, insurance interests, housing organisations and mitigation advocates, has urged Congress to reject the White House proposal as it would undermine the nation’s ability to prepare for and recover from destructive natural disaster.

"Studies show that every dollar FEMA invests in hazard mitigation saves $4 in disaster costs, so lawmakers should reject this short-sighted proposal and invest in measures that minimize damage before a storm takes place," SmarterSafer said in a statement.

"Cutting funds that protect Americans from increasingly severe and often fatal storms is a penny wise and pound foolish strategy that will only put lives, property and taxpayer dollars at risk."

"As Congress begins the long budget process and works to reauthorize a key federal disaster policy, the National Flood Insurance Program, we look forward to working with lawmakers on both sides of the aisle to improve mitigation strategies that ready the country for future severe storms,” it added.

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More on this story

Insurance
14 March 2017   The US Senate Banking, Housing and Urban Affairs Committee will today (Tuesday March 14) hold a hearing designed to examine how the National Flood Insurance Program (NFIP) can be reformed.
Insurance
4 January 2017   The Federal Emergency Management Agency (FEMA) has secured more than $1 billion of reinsurance coverage for the National Flood Insurance Program (NFIP) for 2017 in a deal involving some 25 reinsurers brokered by Guy Carpenter.