Rep. Jeb Hensarling, R-Texas, who will be chairman of the House Financial Services Committee, says the committee intends to consider legislation that would pursue a "transition to a private, innovative, competitive, sustainable flood insurance market." Last year's catastrophes "should be a wake-up call that we simply can no longer afford to encourage people to live in harm's way," said R.J. Lehmann of the R Street Institute.

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