S 602
118th Congress
Senate
Finance and Financial Sector
Risk Rating 2.0 Transparency Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 1, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 1, 2023
Introduced in Senate
Plain-English summary
Risk Rating 2.0 Transparency Act
This bill requires the Federal Emergency Management Agency (FEMA) to release specified information regarding the National Flood Insurance Program's new Risk Rating 2.0. Risk Rating 2.0 went into effect on October 1, 2021, for new policies and on April 1, 2022, for existing policies. It bases premium rates on an individual property's specific flood risk instead of the flood risk of a general location and property type.
Under the bill, FEMA must
- publish all data and methods used to calculate premium rates under Risk Rating 2.0,
- create an online database where policyholders can see premium rates for their property using specified calculations, and
- publish an assessment of the economic and social impacts of Risk Rating 2.0.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1
Cosponsors
1