Risk Rating 2.0 Transparency Act

Senate Bill 602 - Risk Rating 2.0 Transparency Act: Overview, Status, and Impact

Hozzl · 2024-02-16T15:28:31Z

Explore the details of Senate Bill 602 Risk Rating 2.0 Transparency Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

2/16/2024, 3:28 PM

Congressional Summary of S 602

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.

Read the Full Bill

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Current Status of Bill S 602

Bill S 602 is currently in the status of Bill Introduced since March 1, 2023. Bill S 602 was introduced during Congress 118 and was introduced to the Senate on March 1, 2023. Bill S 602's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 1, 2023

Bipartisan Support of Bill S 602

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 602

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 602

Risk Rating 2.0 Transparency Act

A bill to require the Administrator of the Federal Emergency Management Agency to take certain actions relating to the National Flood Insurance Program, and for other purposes.