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H.R. 2901: Flood Insurance Market Parity and Modernization Act

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H.R. 2901: Flood Insurance Market Parity and Modernization Act

114th Congress · introduced 2015-06-25 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2015-06-25 · official record
  2. Who proposed it: Rep. Ross, Dennis A. [R-FL-15] · what a sponsor is
  3. What happened next: 1 recorded vote in our records. Latest: House roll call 177 (2016): On Motion to Suspend the Rules and Pass, as Amended, HR2901 (2016-04-28), Passed. See all
  4. Where it stands now: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Flood Insurance Market Parity and Modernization Act

Plain 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.

Congressional Research Service summary (Passed House amended), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Flood Insurance Market Parity and Modernization Act

Source: Congressional Research Service summary (Passed House amended)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Ross, Dennis A. [R-FL-15] · 44 cosponsors

Cost estimate: CBO cost estimate: H.R. 2901, Flood Insurance Market Parity and Modernization Act (2016-04-12)

Cosponsors on this site

Tom Emmer (R-MN), J. French Hill (R-AR), Ann Wagner (R-MO), Bill Huizenga (R-MI), Andy Barr (R-KY), Frank D. Lucas (R-OK), Ryan K. Zinke (R-MT), Roger Williams (R-TX), Steve Scalise (R-LA), Brad Sherman (D-CA), Gus M. Bilirakis (R-FL), John R. Moolenaar (R-MI), Gwen Moore (D-WI), Juan Vargas (D-CA), Kathy Castor (D-FL), Brendan F. Boyle (D-PA)

Recorded votes

Words on this page, explained (3)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Jurisdiction
The area or the matters a government or court has authority over.
Rulemaking
The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong114-hr2901 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114