I 111th CONGRESS 1st Session H. R. 1525 IN THE HOUSE OF REPRESENTATIVES March 16, 2009 Ms. Matsui introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the National Flood Insurance Act of 1968 to require the Administrator of the Federal Emergency Management Agency to consider reconstruction and improvement of flood protection systems when establishing flood insurance rates.

1.

Consideration of reconstruction and improvement of flood protection systems in determination of flood insurance rates

(a)

In general

Section 1307 of the National Flood Insurance Act of 1968 (42 U.S.C. 4014) is amended— (1)in subsection (e)— (A)in the first sentence, by striking construction of a flood protection system and inserting construction, reconstruction, or improvement of a flood protection system (without respect to the level of Federal investment or participation); and (B)in the second sentence— (i)by striking construction of a flood protection system and inserting construction, reconstruction, or improvement of a flood protection system; and (ii)by inserting based on the present value of the completed system after has been expended; and (2)in subsection (f)— (A)in the first sentence in the matter preceding paragraph (1), by inserting (without respect to the level of Federal investment or participation) after no longer does; (B)in the third sentence in the matter preceding paragraph (1), by inserting , whether coastal or riverine, after special flood hazard; and (C)in paragraph (1), by striking a Federal agency in consultation with the local project sponsor and inserting the entity or entities that own, operate, maintain, or repair such system. (b)

Regulations

Not later than 30 days after the date of the enactment of this Act, the Administrator of the Federal Emergency Management Agency shall promulgate regulations to carry out the amendments made by subsection (a).