Trump administration puts stop to new flood insurance policies
WASHINGTON (Reuters) - The Trump administration has decided it cannot authorize new flood insurance policies, citing the partial shutdown of the federal government due to a budget impasse in Congress and potentially putting thousands of home sales in limbo. The Federal Emergency Management Agency (FEMA), which oversees a federal program that insures about 5 million homes and businesses, on Wednesday posted a notice on its website that the program will not be able to 'issue new contracts for flood insurance during a lapse in authority unless Congress passes legislation.' The National Association of Realtors estimated the decision could disrupt up to 40,000 home sales each month.
WASHINGTON (Reuters) - The Trump administration has decided it cannot authorize new flood insurance policies, citing the partial shutdown of the federal government due to a budget impasse in Congress and potentially putting thousands of home sales in limbo.
The Federal Emergency Management Agency (FEMA), which oversees a federal program that insures about 5 million homes and businesses, on Wednesday posted a notice on its website that the program will not be able to "issue new contracts for flood insurance during a lapse in authority unless Congress passes legislation."
The National Association of Realtors estimated the decision could disrupt up to 40,000 home sales each month.
FEMA said that during the shutdown, the government-backed National Flood Insurance Program will continue to pay all claims on policies taken out before midnight on Dec. 21.
The federal government has been partially shut down since Saturday because of an impasse over President Donald Trump's demand for $5 billion in taxpayer funding for a proposed Mexican border wall. Last week Trump said his administration was prepared for a lengthy shutdown.
(Reporting by Jason Lange; Editing by Dan Grebler)
This story has not been edited by Firstpost staff and is generated by auto-feed.
also read
France, Germany to agree to NATO role against Islamic State - sources | Reuters
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
China's Xi says navy should become world class | Reuters
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.