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S 602 118th Congress Senate Finance and Financial Sector

Risk Rating 2.0 Transparency Act

Introduced: March 1, 2023 Introduced by: Kennedy, John Republican · Louisiana See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Plain-English summary Congressional Research Service

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 March 1, 2023

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Related & companion bills 1
  • S 721 Related bill Homeowner Flood Insurance Transparency and Protection Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Hyde-Smith, Cindy
Mississippi · Mar 1, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 602: Risk Rating 2.0 Transparency Act. 118th Congress. Open America. https://openamerica.io/bill/118-S-602/
MLA
"S. 602: Risk Rating 2.0 Transparency Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-602/.
Bluebook (legal)
S. 602, 118th Cong. (2026), https://openamerica.io/bill/118-S-602/.
Markdown link
[S. 602: Risk Rating 2.0 Transparency Act](https://openamerica.io/bill/118-S-602/)
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