PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 36 · Passed House amended · Apr 28, 2016
(This measure has not been amended since it was reported to the House on June 25, 2015. The summary of that version is repeated here.)
Flood Insurance Market Parity and Modernization Act
(Sec. 2) This bill amends the Flood Disaster Protection Act of 1973 to make technical amendments without substantive change to requirements for flood insurance under either the federal program or private flood insurance.
Showing the opening paragraphs of the official summary.
(Under current law, any building, mobile home or personal property that would be financed by a federally-backed mortgage must have flood insurance if the property is located in an area designated as a special flood hazard.) As under current law, the amount of mandatory flood insurance shall be, for either federal or private flood insurance, equal to the development or project cost of the building, mobile home, or personal property (less estimated land cost), the outstanding principal balance of the loan, or the maximum limit of federal flood insurance coverage available for the particular type of property, whichever is less.
The bill revises without substantive change the flood insurance requirements that apply to home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). This revision does specify, however, that any requirements established by Fannie Mae or Freddie Mac relating to the financial strength of private insurance companies from which they will accept private flood insurance must not affect or conflict with any state law, regulation, or procedure concerning the regulation of the business of insurance.
Private flood insurance shall include, in addition to a policy issued by a company licensed, admitted, or otherwise approved by the state (as in current law), any policy issued by an insurance company eligible as a nonadmitted insurer to provide flood insurance in the state or jurisdiction where the property to be insured is located.
The bill specifies that the federal flood insurance program, with respect to both private and federal flood insurance, extends to Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.
FEMA must consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage.
People & committees
Rep. Ross, Dennis A. [R-FL-15] · R–FL
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 177). (text: CR 4/26/2016 H1952-1953)
House roll call 177 · Individual votesPassed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 177).(text: CR 4/26/2016 H1952-1953)
House roll call 177 · Individual votesConsidered as unfinished business. (consideration: CR H2993-2094)
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
DEBATE - The House proceeded with forty minutes of debate on H.R. 2901.
Considered under suspension of the rules. (consideration: CR H1952-1954)
Mr. Ross moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 404.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-524.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-524.
Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 0.
Committee Consideration and Mark-up Session Held.
Hearings Held by the Subcommittee on Housing and Insurance Prior to Referral.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: Dec 5, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze H.R.2901 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.2901 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.2901 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.2901 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.