The bill was passed last week by the House.
The enactment of the bill was a victory for two Louisiana lawmakers who will face each other on the ballot this fall: Democratic Sen. Mary Landrieu and Republican Rep. Bill Cassidy.
Cassidy was co-sponsor of the House bill and Landrieu had worked for months to undo the 2012 Biggert-Waters reform bill which led to premium increases.
President Obama is expected to sign the bill this week.
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