Establishes the Federal Emergency Management Agency (FEMA) as an independent establishment in the executive branch that is responsible for the Nation's preparedness and response to natural disasters.
Requires the Agency to be headed by a Director, who shall be appointed by the President, by and with the advice and consent of the Senate, and who shall report directly to the President. Requires the Director to be appointed from among persons who have extensive background in emergency or disaster-related management, including at least two years of experience as a head of a state or local government disaster-management agency in a state with at least one million residents. Requires the Director also to have appropriate formal training in emergency or disaster-related management.
Sets a six year term of office for an individual appointed as the Director.
Repeals provisions of the Homeland Security Act of 2002 that are related to: (1) the definition of major disaster; (2) functions transferred with respect to FEMA; and (3) the role of FEMA.