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H.R. 6434: FIRST Cap Profits Act of 2016

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H.R. 6434: FIRST Cap Profits Act of 2016

114th Congress · introduced 2016-12-05 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2016-12-05 · official record
  2. Who proposed it: Rep. Pallone, Frank, Jr. [D-NJ-6] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the House Committee on Financial Services. 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

FIRST Cap Profits Act of 2016

Plain summary

Flood Insurance Reimbursement Standards Transparency Cap Profits Act of 2016 or the FIRST Cap Profits Act of 2016 This bill requires the Federal Emergency Management Agency (FEMA) and the property and casualty insurance companies participating in the "Write Your Own" (WYO) flood insurance program under the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act) to implement and comply with the program's oversight and expense reimbursement requirements within one year after enactment of this bill. (The WYO program is a cooperative undertaking between the insurance industry and the Federal Insurance and Mitigation Administration that allows participating property and casualty insurance companies to write and service standard flood insurance policies.) The Biggert-Waters Act is amended to require FEMA to prohibit reimbursements to WYO insurers from exceeding 110% of the aggregate amount of the insurer's actual expenses for selling, writing, and servicing flood insurance policies and adjusting flood claims on behalf of the National Flood Insurance Program. The National Flood Insurance Act of 1968 is amended to require courts to award litigation costs to plaintiffs who prevail in civil actions for fraud or misrepresentation by an insurance company participating in the WYO program.

Congressional Research Service summary (Introduced in House), 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

FIRST Cap Profits Act of 2016

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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

Officials and money

Sponsor: Rep. Pallone, Frank, Jr. [D-NJ-6] · 4 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Bonnie Watson Coleman (D-NJ), Donald Norcross (D-NJ)

Sponsor's campaign money: Rep. Pallone, Frank, Jr. [D-NJ-6] reported raising $2.8 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
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).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong114-hr6434 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114