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Obama Backs National Catastrophe Fund
Democratic presidential candidate Barack Obama offered his support to a proposed national catastrophe fund, provided it does not also encourage risky development.

“I think that we need a national catastrophe fund,” Sen. Obama said in an interview with the Palm Beach Post. “The key is to make sure that it's run efficiently, that it’s adequately funded, and that we build in smart incentives to assure that developers are mitigating risk when they're making decisions on where to locate homes or businesses.”
So he's proposing to have private enterprise do it?
Isn't that concept called, 'insurance'?
Sen. Obama referred to legislation passed by the House to implement a national catastrophe fund as a “good start.” The legislation, the Homeowners Defense Act, or HR 3355, is currently awaiting action by the Senate Banking Committee. He added that there are “a number of ways” to encourage developers to mitigate their risks as much as possible, and that “the key is to make sure you're not setting up a fund where developers don't have to have any regard as to whether they're building in a flood plain or whether they're creating more risky situations.”

The national catastrophe fund is one seen as favorable to Floridians, and the legislation passed by the House was sponsored by two Florida representatives. Sen. Obama compared the situation facing homeowners in the sunshine state to those living in other parts of the country.

“The bottom line for the residents of Florida is they need protection in the same way that people in the Midwest need protection from tornadoes or other natural disasters,” he said. “And I think its important for us to make sure the federal government is playing a role as a backstop in that process.”
A nice concept, encouraging folks not to live in floodplains. Sort of like the Federal Flood Insurance Program, eh? So why do we need another bureaucracy, O?
Posted by: Bobby 2008-05-27
http://www.rantburg.com/poparticle.php?ID=240145