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WASHINGTON, D.C. (WAFB) -
U.S. Senator Mary Landrieu and U.S. Rep. Bill Cassidy react to the recent signing of the flood insurance bill.
President Barack Obama signed the bill early Friday which will stop the flood insurance rate hike.
"Today, draconian flood insurance rate increases have been stopped, and we have returned affordability as a centerpiece of the National Flood Insurance Program," U.S. Senator Mary Landrieu said in a written release. "It has been a long and arduous two-year battle to reach today."
"Today is a great day for Louisiana," says U.S. Rep. Bill Cassidy who co-wrote the legislation. "The Grimm-Cassidy flood insurance reforms will reinstate grandfathered rates, cap premium increases, reform the FEMA flood mapping process and help stabilize our housing market. Today's signing was made possible due to the broad coalition we built to push the House, Senate and President to back the legislation."
Lawmakers say the bill will provide longterm flood insurance relief for Louisiana families.