S. 601 — Introduced in Senate

II 118th CONGRESS 1st Session S. 601 IN THE SENATE OF THE UNITED STATES March 1, 2023Mr. Kennedy (for himself and Mr. Rubio) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the National Flood Insurance Act of 1968 to modify the amount by which the chargeable risk premium rate for flood insurance under that Act may be increased in any year. 1. Short title This Act may be cited as the Flood Insurance Affordability Act. 2. Annual limitation on premium increases Section 1308(e)(1) of the National Flood Insurance Act of 1968 (42 U.S.C. 4015(e)(1)) is amended, in the matter preceding subparagraph (A), by striking 18 percent and inserting 9 percent.