Flood Insurance Market Parity and Modernization Act
Latest action · May 9, 2016 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 25, 2015
- Passed HouseApr 28, 2016
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(This measure has not been amended since it was reported to the House on June 25, 2015. The summary of that version is repeated here.)
Flood Insurance Market Parity and Modernization Act
(Sec. 2) This bill amends the Flood Disaster Protection Act of 1973 to make technical amendments without substantive change to requirements for flood insurance under either the federal program or private flood insurance.
(Under current law, any building, mobile home or personal property that would be financed by a federally-backed mortgage must have flood insurance if the property is located in an area designated as a special flood hazard.)
As under current law, the amount of mandatory flood insurance shall be, for either federal or private flood insurance, equal to the development or project cost of the building, mobile home, or personal property (less estimated land cost), the outstanding principal balance of the loan, or the maximum limit of federal flood insurance coverage available for the particular type of property, whichever is less.
The bill revises without substantive change the flood insurance requirements that apply to home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). This revision does specify, however, that any requirements established by Fannie Mae or Freddie Mac relating to the financial strength of private insurance companies from which they will accept private flood insurance must not affect or conflict with any state law, regulation, or procedure concerning the regulation of the business of insurance.
Private flood insurance shall include, in addition to a policy issued by a company licensed, admitted, or otherwise approved by the state (as in current law), any policy issued by an insurance company eligible as a nonadmitted insurer to provide flood insurance in the state or jurisdiction where the property to be insured is located.
The bill specifies that the federal flood insurance program, with respect to both private and federal flood insurance, extends to Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.
FEMA must consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage.
Recorded votes 1
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 177 | On Motion to Suspend the Rules and Pass, as Amended | Passed419–0 | Apr 28, 2016 |
Cosponsors 44
Members who signed on, in the order they did. Signatures ran from Jun 25, 2015 to Apr 26, 2016; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-FL | Patrick Murphy | Original | Jun 25, 2015 |
| R-FL | David W. Jolly | Jul 9, 2015 | |
| R-FL | Bill Posey | Sep 8, 2015 | |
| R-TX | Randy Neugebauer | Sep 8, 2015 | |
| R-MN | Tom Emmer | Sep 8, 2015 | |
| R-AR | J. French Hill | Sep 9, 2015 | |
| R-SC | Mick Mulvaney | Sep 9, 2015 | |
| R-NC | Robert Pittenger | Sep 9, 2015 | |
| R-KY | Andy Barr | Sep 16, 2015 | |
| R-MO | Ann Wagner | Sep 16, 2015 | |
| R-MI | Bill Huizenga | Sep 16, 2015 | |
| R-OK | Frank D. Lucas | Sep 25, 2015 | |
| R-NY | Peter T. King | Sep 25, 2015 | |
| R-PA | Tom Marino | Oct 7, 2015 | |
| R-MT | Ryan K. Zinke | Oct 9, 2015 | |
| R-NE | Jeff Fortenberry | Oct 23, 2015 | |
| R-MS | Steven M. Palazzo | Nov 16, 2015 | |
| R-NJ | Thomas MacArthur | Nov 16, 2015 | |
| R-TX | Roger Williams | Jan 13, 2016 | |
| R-LA | Steve Scalise | Feb 1, 2016 | |
| R-TX | Lamar Smith | Feb 12, 2016 | |
| R-CO | Mike Coffman | Feb 23, 2016 | |
| R-CA | Edward R. Royce | Feb 25, 2016 | |
| R-IN | Luke Messer | Feb 26, 2016 | |
| D-CA | Brad Sherman | Mar 1, 2016 | |
| R-FL | Gus M. Bilirakis | Mar 1, 2016 | |
| R-IL | Randy Hultgren | Mar 1, 2016 | |
| R-PA | Keith J. Rothfus | Mar 2, 2016 | |
| D-NE | Brad Ashford | Mar 14, 2016 | |
| R-OH | Bill Johnson | Apr 15, 2016 | |
| D-CO | Ed Perlmutter | Apr 15, 2016 | |
| D-WI | Gwen Moore | Apr 19, 2016 | |
| R-MI | John R. Moolenaar | Apr 19, 2016 | |
| R-IN | Todd Rokita | Apr 19, 2016 | |
| R-SC | Tom Rice | Apr 19, 2016 | |
| D-WA | Denny Heck | Apr 20, 2016 | |
| D-CA | Juan Vargas | Apr 20, 2016 | |
| D-NY | Carolyn B. Maloney | Apr 21, 2016 | |
| D-IL | Cheri Bustos | Apr 21, 2016 | |
| D-FL | Kathy Castor | Apr 25, 2016 | |
| D-PA | Brendan F. Boyle | Apr 26, 2016 | |
| R-LA | Charles W. Boustany, Jr. | Apr 26, 2016 | |
| D-MI | Daniel T. Kildee | Apr 26, 2016 | |
| D-MA | Michael E. Capuano | Apr 26, 2016 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jun 25, 2015Markup Mar 2, 2016Reported Apr 26, 2016 |
| Housing and Insurance Subcommittee | Hearings Jan 13, 2016 | |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred May 9, 2016 |
Actions 15
Everything that happened, newest first.
- May 9, 2016Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Apr 28, 2016Considered as unfinished business. (consideration: CR H2993-2094)
- Apr 28, 2016Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 177). (text: CR 4/26/2016 H1952-1953)
- Apr 28, 2016Motion to reconsider laid on the table Agreed to without objection.
- Apr 26, 2016Reported (Amended) by the Committee on Financial Services. H. Rept. 114-524.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H2070Recorded votes H2093enact | Keith J. Rothfus R-PA | Apr 28, 2016 |
| House | Debate and remarks H1952–H1954Text printed H1952 | Dennis A. Ross R-FL, Edward R. Royce R-CA, Michael E. Capuano D-MA, Stevan Pearce R-NM | Apr 26, 2016 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Apr 12, 2016H.R. 2901, Flood Insurance Market Parity and Modernization ActAs ordered reported by the House Committee on Financial Services on March 2, 2016
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 103, June 25, 2015, page H4772.
Printed hearings 4
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 114-53 | AN EXAMINATION OF THE FEDERAL EMERGENCY MANAGEMENT AGENCY'S LIMITED ROLE IN LOCAL LAND-USE DEVELOPMENT DECISIONS104 pages | Transportation and Infrastructure Committee | Sep 21, 2016 |
| Serial No. 114-40 | CONTROLLING THE RISING COST OF FEDERAL RESPONSES TO DISASTER122 pages | Transportation and Infrastructure Committee | May 12, 2016 |
| Serial No. 114-68 | HOW TO CREATE A MORE ROBUST AND PRIVATE FLOOD INSURANCE MARKETPLACE166 pages | Financial Services Committee | Jan 13, 2016 |
| Serial No. 114-67 | OPPORTUNITIES AND CHALLENGES FACING THE NATIONAL FLOOD INSURANCE PROGRAM84 pages | Financial Services Committee | Jan 12, 2016 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R45242 | Private Flood Insurance and the National Flood Insurance Program | Report | Jan 9, 2023 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1679 | Flood Insurance Market Parity and Modernization Act | Identical bill | Sep 13, 2016 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Flood Disaster Protection Act of 1973 to require that certain buildings and personal property be covered by flood insurance, and for other purposes.
- Short Titles as Introduced
- Flood Insurance Market Parity and Modernization Act
- Short Titles as Reported to House
- Flood Insurance Market Parity and Modernization Act
- Short Titles as Passed House
- Flood Insurance Market Parity and Modernization Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- May 9, 2016Referred in Senate
- Apr 28, 2016Engrossed in House
- Apr 26, 2016Reported in House
- Jun 25, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
