HR 7643
117th Congress
House
Finance and Financial Sector
FAITH Act of 2022
Introduced: May 3, 2022
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 3, 2022
Referred to the House Committee on Financial Services.
May 3, 2022
Introduced in House
Plain-English summary
Fueling Affordable Insurance for Today's Homeowners Act of 2022 or the FAITH Act of 2022
This bill establishes the Natural Disaster Risk Reinsurance Program within the Department of the Treasury. States may voluntarily participate in the program.
The program provides payments to states for damages from a natural disaster not covered by the National Flood Insurance Program for amounts in excess of trigger amounts. These trigger amounts are calculated by the National Academy of Sciences.
States must present a plan that ensures the coverage of losses by insurers not exceeding the trigger amount. States must also pledge to repay the full amount provided by the program within 10 years.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1
Cosponsors
1