A bipartisan group of 23 U.S. House members, led by Rep. Frank Pallone Jr., asked the Federal Emergency Management Agency Friday to increase its oversight of the private companies that handle flood insurance claims, such as those stemming from Hurricane Sandy.

The letter to FEMA Administrator W. Craig Fugate said the agency was four years overdue in issuing a rule allowing it to find out how much in profits the companies were making.

...  Also Friday, U.S. Sens. Robert Menendez and Cory Booker (D-N.J.) sent their own letter to Fugate asking him to overhaul the entire flood insurance program.

"While we acknowledge the Federal Emergency Management Agency has recently taken steps to address these issues we raised over two years ago, these actions are far too little and have come far too late," the senators wrote.

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