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Letter to the Honorable Rick A. Lazio [i] (September 2000)

handle is hein.congrec/cbo8063 and id is 1 raw text is: Honorable Rick A. Lazio Chairman Subconmmittee on Housing and Community Opportunity Conmmittee on Banking and Einancial Services U.S. House of Representatives Washington, DC 205 15-6050 Dear Mr. Chairman: Pursuant to your request, the Congressional Budget Office (CB 0) has reviewed the study conmlissioned by the Eederal Emergency Management Agency (EMA), as required by section 578 of the National Elood Insurance Reform Act of 1994, on the effects of eliminating subsidies in the National Elood Insurance Program. The questions addressed by that study are difficult, and the available data limit the study's ability to answer them precisely. As discussed in the attachment, CBO believes that the study's methodology is basically sound; however, its specific numerical findings are accompanied by a great deal of uncertainty and should be interpreted with caution. Eor example, CBO agrees that eliminating the subsidy immediately would lead a significant share of policyholders to drop their coverage but is not convinced that that share would be close to the study's estimate of 23 percent. In short, CBO considers the study less valuable for its quantitative results than for its broad qualitative conclusions. The attachment was written by Perry Beider of CBO's Microeconomic and Einancial Studies Division. CBO appreciates the cooperation provided by staff of EMA and its contractor, PricewaterhouseCoopers, in conjunction with this review. I hope the attached information will be useful to you. If you have any questions about it or the EMA report, please call me, or have your staff contact Perry at 226-2940. Sincerely, Dan L. Crippen Attachment Identical letters sent to: Honorable Bob Ney Honorable Barney Erank

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