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H.R. 3936: National Flood Insurance Program Debt Forgiveness Act of 2017

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Oct 3, 2017.


National Flood Insurance Program Debt Forgiveness Act of 2017

This bill cancels all indebtedness outstanding as of September 30, 2016, of the Federal Emergency Management Agency (FEMA) under any notes or other obligations issued pursuant to the National Flood Insurance Act of 1968 and the Federal Flood Insurance Act of 1956.

Such cancelled indebtedness may be treated as a public debt of the United States and is designated as an emergency pursuant to the Statutory Pay-As-You-Go Act of 2010.