H.R. 2246 · 115th Congress
Taxpayer Exposure Mitigation Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
LuetkemeyerSponsorNo cosponsors.
This bill amends the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973 to limit the required purchase of flood insurance in certain circumstances to only residential properties (currently, the requirement applies to all types of property).
What it does: CRS summary · Reported to House with amendment(s) · Jul 25, 2017
Taxpayer Exposure Mitigation Act of 2017
This bill amends the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973 to limit the required purchase of flood insurance in certain circumstances to only residential properties (currently, the requirement applies to all types of property). It also requires the Federal Emergency Management Agency (FEMA) to annually transfer a portion of the risk from the National Flood Insurance Program (NFIP) to private reinsurance or capital markets. The amount of transferred risk must be based on a probable maximum loss target for NFIP established by FEMA each fiscal year.
The bill amends the Biggert-Waters Flood Insurance Reform Act of 2012 to require FEMA to establish standards for the development of alternative flood insurance rate maps by local and state governments. FEMA must consider recommendations made by the Technical Mapping Advisory Council when establishing these standards. FEMA must approve the use of these alternative maps under NFIP.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Taxpayer Exposure Mitigation Act of 2017
Latest action (Jul 25, 2017): Placed on the Union Calendar, Calendar No. 185.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 28, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.