The House Financial Services Committee approved H.R. 3121, the Flood Insurance Reform and Modernization Act of 2007. Included in the bill is a proposal by Rep. Gene Taylor (D-MS) to cover multiperil flood and windstorm damages, addressing the wind versus water legal disputes common after Katrina. The bill limits damages to $500,000 for residential structures and $150,000 for contents and loss of use and $1,000,000 for nonresidential structure and $750,000 for contents and loss of use. Local governments would have to adopt and enforce building codes to minimize wind damage in addition to flood program requirements already in place. The Government Accountability Office (GAO) also issued a report calling for FEMA to change the way it compensates private insurers for flood insurance.