S. 602 · 118th Congress
Risk Rating 2.0 Transparency Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
KennedySponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires the Federal Emergency Management Agency (FEMA) to release specified information regarding the National Flood Insurance Program's new Risk Rating 2.0 . Risk Rating 2.0 went into effect on October 1, 2021, for new policies and on April 1, 2022, for existing policies.
What it does: CRS summary · Introduced in Senate · Mar 1, 2023
Risk Rating 2.0 Transparency Act
This bill requires the Federal Emergency Management Agency (FEMA) to release specified information regarding the National Flood Insurance Program's new Risk Rating 2.0. Risk Rating 2.0 went into effect on October 1, 2021, for new policies and on April 1, 2022, for existing policies. It bases premium rates on an individual property's specific flood risk instead of the flood risk of a general location and property type.
Under the bill, FEMA must
- publish all data and methods used to calculate premium rates under Risk Rating 2.0,
- create an online database where policyholders can see premium rates for their property using specified calculations, and
- publish an assessment of the economic and social impacts of Risk Rating 2.0.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Risk Rating 2.0 Transparency Act
Latest action (Mar 1, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 1, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.