Flood Insurance Affordability Act

Bill: 118-s-601
Sponsor: full_name: Sen. Kennedy, John [R-LA]
Introduced: 2023-03-01
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-03-01
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-03-01
action_desc: Introduced in Senate
text: <p><b>Flood Insurance Affordability Act </b></p> <p>This bill lowers the annual limit on National Flood Insurance Program (NFIP) premium increases applicable to primary residences from 18% to 9%. </p>

tv_txt: II 118th CONGRESS 1st Session S. 601 IN THE SENATE OF THE UNITED STATES March 1, 2023 Mr. Kennedy (for himself and Mr. Rubio ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the National Flood Insurance Act of 1968 to modify the amount by which the chargeable risk premium rate for flood insurance under that Act may be increased in any year.

1. Short title This Act may be cited as the Flood Insurance Affordability Act . 2. Annual limitation on premium increases Section 1308(e)(1) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(e)(1) ) is amended, in the matter preceding subparagraph (A), by striking 18 percent and inserting 9 percent .