Central Louisiana News

U.S. Senator Bill Cassidy has introduced a legislative measure aimed at reducing flood insurance premiums for Louisiana residents. The proposed bill, known as the Flood Insurance Affordability Tax Credit Act, seeks to alleviate financial burdens by potentially cutting federal flood insurance premiums by 33% for low- and middle-income households in the state.

Senator Cassidy emphasized the significance of addressing rising flood insurance costs, stating, “We know that rising flood insurance premiums are continuing to put a financial strain on thousands of Louisianans.”

In addition to his efforts on flood insurance, Senator Cassidy is collaborating with Republican Senator Lindsey Graham on a draft legislation concerning foreign pollution fees. This proposal would require China and other countries to pay fees based on emissions from certain imported products. The initiative aims to enhance economic competitiveness while lowering emissions.

The Steel Manufacturers Association has expressed support for this idea, describing it as a "clear economic win for the industry."

Moreover, recent investigative work led by Senator Cassidy has resulted in substantial savings for taxpayers. A report from the Inspector General of the Pension Benefit Guaranty Corporation revealed that up to $250 million was returned due to wrongful pension payments made for deceased individuals. This effort is part of an ongoing investigation into pension fund roll discrepancies.

Earlier in the year, Cassidy successfully recovered $127 million from the Central States Pension Fund after discovering claims involving deceased participants.