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    Rand Paul - One of two votes against National Flood Insurance Act

    Parts of the bill:

    Flood Insurance Reform and Modernization Act of 2011 -

    (Sec. 104) Amends the National Flood Insurance Act of 1968 (NFIA) to extend:
    (1) through FY2016 the authority of the Administrator of the Federal Emergency Management Agency (FEMA) to issue up to $ 20.725 billion in debt obligations, with the President's approval, for the National Flood Insurance Program (Program); and
    (2) through FY2013 the authorization for the Program itself.

    (Sec. 105) Requires the FEMA Administrator to make national flood insurance available for multifamily properties of more than four units.

    (Sec. 109) Adds a new requirement for those states and areas where flood insurance must be made available.

    Requires such states or areas to give satisfactory assurance that, by six months after enactment of this Act, state-chartered lending institutions not insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) shall be subject to state regulations consistent with the Flood Disaster Protection Act of 1973.

    (Sec. 110) Amends the Flood Disaster Protection Act of 1973 to increase from $350 to $2000 the civil monetary penalty for a single violation of the Act. Repeals the limitation upon the maximum penalty amount that may be imposed against any single regulated lending institution or enterprise in any calendar year.

    (Sec. 203) Establishes the Commission on Natural Catastrophe Risk Management and Insurance to report to Congress on its findings and assessments regarding the risks posed to the United States by natural catastrophes, and means for mitigating those risks and paying for losses caused by such catastrophes.
    EDIT: Actually this was a vote to invoke cloture but those against the bill usually vote against cloture. We'll see how he votes when the actual bill comes up for a vote.
    Last edited by tsai3904; 06-22-2012 at 06:35 PM.

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