Business
Congress faces ticking clock on flood insurance as hurricane season picks up on September 1, 2023 at 9:30 am Business News | The Hill

Congress is facing a time crunch to prevent a lapse for the National Flood Insurance Program (NFIP) as hurricane season intensifies.
As fears of a shutdown swirl around a heated funding debate in Washington, D.C., there is some concern that NFIP’s authorization could get entangled in the fight.
Funding for the federal government and NFIP’s authorization will both expire after Sept. 30, and lawmakers are nowhere close to reaching a deal to avoid a shutdown.
Previously issued federal flood insurance policies would still be active if the NFIP isn’t reauthorized. But the program would be unable to issue new policies and face other funding constraints as thousands of Americans grapple with the damage of hurricanes.
“A lapse of the NFIP at the height of hurricane season would be an apocalyptic nightmare,” Sen. Bob Menéndez (D-N.J.) told The Hill in a statement this week.
“Families have faithfully paid their premiums, in many cases for years and even decades, and it’s Congress’ responsibility to ensure the NFIP is fully authorized to pay out claims and write new policies.”
Research finds the program’s lack of authority to issue flood insurance policies could also derail thousands of real estate transactions.
Leaders on both sides of the aisle are eyeing a continuing resolution (CR) to prevent a shutdown. A CR would freeze government funding at current levels and give Democrats and Republicans more time to strike a deal.
But Speaker Kevin McCarthy (R-Calif.) is struggling to lock down support from House conservatives as the party’s right flank seeks to use the deadline as leverage for spending cuts.
“McCarthy has said he wants to do a CR into early December,” Bill Killmer, chief lobbyist at Mortgage Bankers Association, said, but he noted questions remain around what “an appetite for CR or what the duration of an acceptable CR would be” for the conference.
“That’ll be kind of an opening salvo that will include policy questions like flood insurance,” he told The Hill.
A spokesperson for Senate Banking Committee Chair Sherrod Brown (D-OH) told The Hill that the “committee will continue to work to ensure the program does not lapse.”
Kilmer said the stakes “are already pretty high” for the program with the coming reauthorization deadline. The current hurricane season “certainly heightens awareness,” as tropical storm Idalia travels the Southeast, he added.
Idalia hit Florida earlier this week as a Category 3 hurricane, leaving thousands of homes without power as with winds estimated to reach 125 miles per hour. It was reportedly the strongest storm to reach the Big Bend area in more than a century and helped drive the fifth-highest tide levels in Charleston Harbor, South Carolina.
Idalia has since been downgraded to a tropical storm and is moving along the Carolinas.
Analysts are already beginning to assess the costs, with some recent estimates placing the price tag for insurance claims in the range of about $9.36 billion.
A report released from National Centers for Environmental Information (NCEI) found that the U.S. saw 15 billion-dollar disasters in the first seven months of this year — the most in more than four decades.
“People can speculate why we’re having more of these particular events, but obviously if you got the severe weather [of] what’s happening in Florida, that can put a strain on the system for any of these programs,” Killmer said.
According to the Congressional Research Service (CRS), the flood insurance program has more than five million policies that provide more than $1 trillion in coverage, filling in a gap left by private insurance.
The program is part of the Federal Emergency Management Agency (FEMA) and funded in part through premiums and other payments from policyholders. The annual appropriations process also funds activities like mapping flood hazards and analyzing risk.
The NFIP was not “designed to retain funding to cover claims for truly extreme events,” the RS wrote, and was able to borrow “relatively small amounts” from the Treasury Department to pay claims and eventually repay loans with interest.
But this has changed over the years as the nation has seen more extreme weather.
Following the 2005 hurricane season, the office said the borrowing limit to cover claims was upped to more than $20 billion after deadly hurricanes like Katrina left thousands without homes. The limit was later increased to $30.4 billion following Hurricane Sandy in 2013.
Joseph Kane, a fellow at the Brookings Institution, and other experts say the current funding structure is not sustainable.
“It wasn’t designed to handle these huge bursts in climate risk and huge climate costs,” Kane said.
“So, I think that’s a challenge facing federal leaders, but, obviously, of course state local leaders across the country. I mean are they just gonna keep rebuilding in all these places?”
The program owed more than $24 billion at the onset of the 2017 hurricane season, the CRS found, when the nation was hit by hurricanes like Harvey, Irma, and Maria. Lawmakers canceled $16 billion of the program’s debt in October and the debt shot up to more than $20 billion not long after.
“We need a model of resilience rather than a model of disaster recovery, because the costs are just so significant once disaster hits, the recovery costs that is, that is just impossible to stay ahead of,” Kane said.
Lawmakers have weighed potential reforms to the program in recent years and have passed 25 short-term reauthorizations since fiscal year 2017.
Some experts also see a crisis taking hold in the private insurance market.
“We’ve got an insurance crisis really around the country in certain key states, homeowners’ insurance availability, where some big carriers are pulling out,” Killmer said. “This is really cute on the commercial multifamily side as well.”
“It’s generally California, Florida, states like that, but we’re hearing about it from members all around the country,” Killmer said, adding “there’s not enough availability to close that gap” on the private insurance end. He argued that “underscores that critical need” to prevent a lapse for the NFIP.
Business, Energy & Environment Congress is facing a time crunch to prevent a lapse for the National Flood Insurance Program (NFIP) as hurricane season intensifies. As fears of a shutdown swirl around a heated funding debate in Washington, D.C., there is some concern that NFIP’s authorization could get entangled in the fight. Funding for the federal government and NFIP’s…
Business
New DOJ Files Reveal Naomi Campbell’s Deep Ties to Jeffrey Epstein

In early 2026, the global conversation surrounding the “Epstein files” has reached a fever pitch as the Department of Justice continues to un-redact millions of pages of internal records. Among the most explosive revelations are detailed email exchanges between Ghislaine Maxwell and Jeffrey Epstein that directly name supermodel Naomi Campbell. While Campbell has long maintained she was a peripheral figure in Epstein’s world, the latest documents—including an explicit message where Maxwell allegedly offered “two playmates” for the model—have forced a national re-evaluation of her proximity to the criminal enterprise.

The Logistics of a High-Fashion Connection
The declassified files provide a rare look into the operational relationship between the supermodel and the financier. Flight logs and internal staff emails from as late as 2016 show that Campbell’s travel was frequently subsidized by Epstein’s private fleet. In one exchange, Epstein’s assistants discussed the urgency of her travel requests, noting she had “no backup plan” and was reliant on his jet to reach international events.

This level of logistical coordination suggests a relationship built on significant mutual favors, contrasting with Campbell’s previous descriptions of him as just another face in the crowd.
In Her Own Words: The “Sickened” Response
Campbell has not remained silent as these files have surfaced, though her defense has been consistent for years. In a widely cited 2019 video response that has been recirculated amid the 2026 leaks, she stated, “What he’s done is indefensible. I’m as sickened as everyone else is by it.” When confronted with photos of herself at parties alongside Epstein and Maxwell, she has argued against the concept of “guilt by association,” telling the press:
She has further emphasized her stance by aligning herself with those Epstein harmed, stating,
“I stand with the victims. I’m not a person who wants to see anyone abused, and I never have been.””

The Mystery of the “Two Playmates”
The most damaging piece of evidence in the recent 2026 release is an email where Maxwell reportedly tells Epstein she has “two playmates” ready for Campbell.
While the context of this “offer” remains a subject of intense debate—with some investigators suggesting it refers to the procurement of young women for social or sexual purposes—Campbell’s legal team has historically dismissed such claims as speculative. However, for a public already wary of elite power brokers, the specific wording used in these private DOJ records has created a “stop-the-scroll” moment that is proving difficult for the fashion icon to move past.
A Reputation at a Crossroads
As a trailblazer in the fashion industry, Campbell is now navigating a period where her professional achievements are being weighed against her presence in some of history’s most notorious social circles. The 2026 files don’t just name her; they place her within a broader system where modeling agents and scouts allegedly groomed young women under the guise of high-fashion opportunities. Whether these records prove a deeper complicity or simply illustrate the unavoidable overlap of the 1% remains the central question of the ongoing DOJ investigation.
Business
Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

How The Discrimination Claims Emerged
The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.
Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.
Why Black Employees Were Left Out
Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.
What The Settlement Provides
Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.
Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.
H2: Google’s Response And The Broader Stakes
A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.
For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.
Business
Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.
Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.
That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

Kalshi itself is a big part of why her ascent matters.
Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.
As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.
Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.
During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.
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