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No NFIP Subsidies for Millionaires Act

12/30/2022, 7:04 AM

Congressional Summary of S 2832

No NFIP Subsidies for Millionaires Act

This bill requires that the premium rate for flood insurance provided through the National Flood Insurance Program (NFIP) for single-family homes valued at more than $1 million be based on sound actuarial principles and not be subject to any rate caps. Under current law, certain types of property are not charged actuarial rates for NFIP coverage.

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Current Status of Bill S 2832

Bill S 2832 is currently in the status of Bill Introduced since September 23, 2021. Bill S 2832 was introduced during Congress 117 and was introduced to the Senate on September 23, 2021.  Bill S 2832's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of September 23, 2021

Bipartisan Support of Bill S 2832

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
0
Republican Cosponsors
1
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 2832

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 2832

No NFIP Subsidies for Millionaires Act
A bill to prohibit the National Flood Insurance Program from providing flood insurance subsidies for single-family residences that are valued at more than $1,000,000, and for other purposes.
No NFIP Subsidies for Millionaires Act

Comments

Sponsors and Cosponsors of S 2832

Mike Lee
Mike Lee
UtahRepublican
Rick Scott
Rick Scott
FloridaRepublican

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