HR 3417
Taxpayer Exposure Mitigation Act
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- Passed House
- Passed Senate
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- Became Law
Bill overview
The Taxpayer Exposure Mitigation Act aims to reduce the financial risk to taxpayers associated with the National Flood Insurance Program (NFIP). It requires FEMA to annually transfer a portion of the program’s flood risk to private reinsurance or capital markets, based on a ‘probable maximum loss’ target established each year. This transfer is intended to protect taxpayers from potentially large payouts due to flood damage and to manage the program’s overall exposure to flood losses. The bill establishes a process for FEMA to determine the appropriate amount of risk to transfer and considers various factors in making that decision.
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Primary sponsor
Blaine Luetkemeyer
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