Ask AI
Bill115th CongressFiled Apr 28, 2017Finance and Financial Sector
H.R. 2246

Taxpayer Exposure Mitigation Act of 2017

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
Both
Law

What it doesSummary 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.

What just happenedJul 25, 2017

Placed on the Union Calendar, Calendar No. 185.

Who’s behind it

Rep. Luetkemeyer, Blaine [R-MO-3](R-MO)Sponsor
Read on Congress.gov
1committees8actions1related bills5subjects
  1. Jul 25, 2017CalendarsH12410

    Placed on the Union Calendar, Calendar No. 185.

  2. Jul 25, 2017CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-255.

    Financial Services Committee
  3. Jul 25, 2017Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-255.

    Financial Services Committee
  4. Jun 21, 2017Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 36 - 24.

    Financial Services Committee
  5. Jun 21, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  6. Apr 28, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  7. Apr 28, 2017IntroReferralIntro-H

    Introduced in House

  8. Apr 28, 2017IntroReferral1000

    Introduced in House

Reported to House with amendment(s)Jul 25, 201717

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.

Introduced in HouseApr 28, 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 Biggert-Waters Flood Insurance Reform Act of 2012 is amended to require the Technical Mapping Advisory Council to develop: (1) standards for local and state governments to use for mapping flood risks and developing alternative flood insurance rate maps, and (2) certification procedures to use such alternative maps under the NFIP to replace FEMA maps that have not been updated or reissued in 36 months.

Taxpayer Exposure Mitigation Act of 2017 — Informed