SmartBites Bulletin:The Beach House Bailout H.R. 2555

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ALERT:
The Beach House Bailout – H.R. 2555 – is expected to come up for a vote in the full House as early as next week.  Environmental groups as well as organizations concerned about taxes, budgets, and federal spending are telling the House Leadership that they strongly oppose the legislation.

SMARTERSAFER.ORG TO HOUSE LEADERSHIP:
In a letter to Speaker Pelosi and Minsority Leader Boehner, SmarterSafer.org opposed H.R. 2555, writing that “if enacted, the Homeowners’ Defense Act would cost taxpayers billions of dollars, discourage the private insurance market, co-opt the private reinsurance private market, and result in incentives to build in unsafe and environmentally fragile areas.”

STRONG BIPARTISAN OPPOSITION:
Organizations from across the political spectrum are unified in their opposition to the legislation. Environmental groups believe the bill will undermine efforts to discourage development in environmentally vulnerable regions while groups concerned about fiscal responsibility are warning that the legislation will leave taxpayers on the hook for billions.

COST HAS SKYROCKETED:
The Beach House Bailout that emerged from the House Financial Services Committee last month exploded the cost of the bill and could leave taxpayers throughout the country responsible for unlimited billions in bailout money, further exploding the deficit.  The original bill was estimated to cost taxpayers $200 billion.

TAKE ACTION:
Call your Representative today and tell them to vote no on the Beach House Bailout.   H.R. 2555 will undermine environmental policy and result in wasteful spending, larger deficits, and, eventually, higher taxes.