U.S. Senate passes flood insurance fix

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WASHINGTON, D.C. – The congress has passed and is sending to President Obama a bill that will ease the big flood insurance premium increases faced by hundreds of thousands of homeowners. 

The measure breezed through the Senate late this afternoon. The House had already passed the legislation last week.

The new law is a significantly rewrite of the major overhaul of the flood insurance program passed two years ago.

The 2012 changes were aimed at weaning hundreds of thousands of homeowners off of subsidized rates, but its implementation meant unaffordable rate increases for many people living near the water.

The bill is now headed to President Obama's desk for his signature or a veto. The administration has been somewhat non-committal on the bill, though it’s hard to believe Obama would veto what amounts to a bipartisan compromise.