Title: National Flood Insurance Program Debt Forgiveness Act of 2017
Policy area: Finance and Financial Sector

Summary:
National Flood Insurance Program Debt Forgiveness Act of 2017
This bill cancels all indebtedness outstanding as of September 30, 2016, of the Federal Emergency Management Agency (FEMA) under any notes or other obligations issued pursuant to the National Flood Insurance Act of 1968 and the Federal Flood Insurance Act of 1956.
Such cancelled indebtedness may be treated as a public debt of the United States and is designated as an emergency pursuant to the Statutory Pay-As-You-Go Act of 2010.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3936 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 3936

 To forgive the indebtedness of the National Flood Insurance Program, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 3, 2017

     Ms. Maxine Waters of California (for herself and Mr. Capuano) 
 introduced the following bill; which was referred to the Committee on 
Financial Services, and in addition to the Committee on the Budget, for 
a period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned

_______________________________________________________________________

                                 A BILL


 
 To forgive the indebtedness of the National Flood Insurance Program, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Flood Insurance Program 
Debt Forgiveness Act of 2017''.

SEC. 2. FORGIVENESS OF FLOOD INSURANCE PROGRAM DEBT.

    (a) Forgiveness.--Notwithstanding any other provision of law, all 
indebtedness of the Administrator of the Federal Emergency Management 
Agency under any notes or other obligations issued pursuant to section 
1309(a) of the National Flood Insurance Act of 1968 (42 U.S.C. 4016(a)) 
and section 15(e) of the Federal Insurance Act of 1956 (42 U.S.C. 
2414(e)), and outstanding as of September 30, 2016, is hereby canceled, 
the Administrator and the National Flood Insurance Fund are relieved of 
all liability to the Secretary of the Treasury under any such notes or 
other obligations, including for any interest due under such notes and 
any other fees and charges payable in connection with such notes, and 
the total amount of notes and obligations issued by the Administrator 
pursuant to such section shall be considered to be reduced by such 
amount for purposes of the limitation on such total amount under such 
section.
    (b) Treatment of Canceled Debt.--The amount of the indebtedness 
canceled under subsection (a)--
            (1) may be treated as a public debt of the United States; 
        and
            (2) is designated as an emergency pursuant to section 4(g) 
        of the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 933(g)).
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