A Heartland Institute policy analyst says a bill before the U.S. House of Representatives Financial Services Subcommittees on Housing and Capital Markets would result in enormous government subsidies for the well-off. The bill, the Homeowners’ Defense Act, H.R. 2555, will have a hearing today, March 10, 2010.
“This bill is a Beach House Bailout. There’s no other way to describe it. Although cloaked in the language of free markets and fairness, the legislation would be an enormous subsidy for people who choose to live in dangerous areas,” says Eli Lehrer, a Senior Fellow at The Heartland Institute. “If stupid, rich people want to build mansions on sand dunes, they are entitled to do so. But they shouldn’t get insurance subsidies from the taxpayers to do it. And this bill would provide them.”
Lehrer is reachable at (202)615-0586 or [email protected].