IIB 
118TH CONGRESS 
2D SESSION 
H. R. 2672 
IN THE SENATE OF THE UNITED STATES 
DECEMBER 10, 2024 
Received; read twice and referred to the Committee on Homeland Security and 
Governmental Affairs 
AN ACT 
To amend the Robert T. Stafford Disaster Relief and Emer-
gency Assistance Act to provide for the authority to 
reimburse local governments or electric cooperatives for 
interest expenses, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘FEMA Loan Interest 
Payment Relief Act’’. 
SEC. 2. REIMBURSEMENT OF INTEREST PAYMENTS RE-
LATED TO PUBLIC ASSISTANCE. 
(a) IN GENERAL.—Title IV of the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act (42 U.S.C. 
5170 et seq.) is amended by adding at the end the fol-
lowing: 
‘‘SEC. 431. REIMBURSEMENT OF INTEREST PAYMENTS RE-
LATED TO PUBLIC ASSISTANCE. 
‘‘(a) IN GENERAL.—The President, acting through 
the Administrator of the Federal Emergency Management 
Agency, shall provide financial assistance to a local gov-
ernment or electric cooperative as reimbursement for 
qualifying interest. 
‘‘(b) DEFINITIONS.— 
‘‘(1) IN
GENERAL.—In this section, the fol-
lowing definitions apply: 
‘‘(A) QUALIFYING
INTEREST.—The term 
‘qualifying interest’ means, with respect to a 
qualifying loan, the lesser of— 
‘‘(i) the actual interest paid to a lend-
er for such qualifying loan; and 
‘‘(ii) the interest that would have been 
paid to a lender if such qualifying loan had 
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an interest rate equal to the prime rate 
most recently published on the Federal Re-
serve Statistical Release on selected inter-
est rates. 
‘‘(B) QUALIFYING LOAN.—The term ‘quali-
fying loan’ means a loan— 
‘‘(i) obtained by a local government or 
electric cooperative; and 
‘‘(ii) of which not less than 90 percent 
of the proceeds are used to fund activities 
for which such local government or electric 
cooperative receives assistance under this 
Act after the date on which such loan is 
disbursed. 
‘‘(2) LOCAL
GOVERNMENT.—For purposes of 
this section, the term ‘local government’ includes the 
District of Columbia.’’. 
(b) RULES OF APPLICABILITY.— 
(1) ELIGIBILITY.—Any qualifying interest (as 
such term is defined in section 431 of the Robert T. 
Stafford Disaster Relief and Emergency Assistance 
Act, as added by this Act) incurred by a local gov-
ernment or electric cooperative in the 7 years pre-
ceding the date of enactment of this Act shall be 
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treated as eligible for financial assistance for pur-
poses of such section. 
(2) APPROPRIATIONS.—Only amounts appro-
priated on or after the date of enactment of this Act 
may be made available to carry out the amendment 
made by this section. 
Passed the House of Representatives December 9, 
2024. 
Attest: 
KEVIN F. MCCUMBER, 
Clerk. 
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