Flood Insurance Fairness Act

Bill: 117-s-1960
Sponsor: full_name: Sen. Kennedy, John [R-LA]
Introduced: 2021-06-07
Policy area: Finance and Financial Sector
Subjects: Disaster relief and insurance

Floods and storm protection
Latest action: action_date: 2021-06-07
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-06-07
action_desc: Introduced in Senate
text: <p><strong>Flood Insurance Fairness Act </strong></p> <p>This bill prohibits the Federal Emergency Management Agency (FEMA) from adjusting the premium rate of flood insurance issued under the National Flood Insurance Program. Under current law, FEMA has statutory authority to set premium rates subject to certain limitations on annual increases.</p>

tv_txt: II 117th CONGRESS 1st Session S. 1960 IN THE SENATE OF THE UNITED STATES June 7, 2021 Mr. Kennedy introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To restrict the ability of the Administrator of the Federal Emergency Management Agency to adjust the rates for flood insurance coverage under the National Flood Insurance Program, and for other purposes.

1. Short title This Act may be cited as the Flood Insurance Fairness Act . 2. Chargeable premium rates Notwithstanding any other provision of law, including section 1308 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015 ), with respect to the chargeable premium rates described in subsection (a)(1) of that section, as in effect on the date of enactment of this Act, the Administrator of the Federal Emergency Management Agency may not adjust those rates unless a duly enacted law of the United States enacted after the date of enactment of this Act provides the Administrator with that authority.