HR 2672 United States House · 118th Congress

FEMA Loan Interest Payment Relief Act

The FEMA Loan Interest Payment Relief Act requires FEMA to reimburse local governments and electric cooperatives for interest paid on qualifying disaster recovery loans. A qualifying loan must be used for FEMA-covered activities with at least 90% of proceeds dedicated to those purposes. Reimbursement covers the lesser of actual interest paid or what would have been paid at the prime interest rate, as defined by the Federal Reserve. This relief applies to interest accrued in the seven years preceding the bill's enactment.

Tags: Emergency Management

Bill status passed 3 of 5 stages cleared

Introduction

Apr 2023

Committee Review

Dec 2024

House Passage

Dec 2024

Senate Passage

President

Introduced Apr 18, 2023 Last action Dec 10, 2024

Maddy AI version diff · 1 comparison

What changed between versions

Introduced in House → Engrossed in House · 3 edits · Dec 9, 2024

MINOR

The engrossed version adds an explicit definition clarifying that the District of Columbia counts as a local government eligible for interest reimbursement, and introduces a new appropriations restriction limiting available funds to those appropriated on or after the date of enactment. The remaining changes are reorganization of the definitions section into a nested structure.

ELIGIBILITY

A new definition explicitly includes the District of Columbia within the term 'local government' for purposes of this section, making DC eligible for interest reimbursement under the bill.

FISCAL

A new appropriations provision (subsection (b)(2)) restricts funding to only amounts appropriated on or after the date of enactment, preventing use of previously appropriated funds to carry out the amendment.

TECHNICAL

The definitions section was reorganized from a flat numbered list into a nested structure with 'In general' as item (1) containing sub-items (A) and (B), with internal references changed from letters to roman numerals. Section (b) was renamed from 'Rule of applicability' to 'Rules of applicability' and split into two subsections.

Floor votes

How they voted

This bill passed the House by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Dec 10, 2024

Committee

Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

upper

Dec 9, 2024

Introduced

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6533)

lower

Dec 9, 2024

Lower · Passed

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6533)

lower

Dec 9, 2024

Introduced

Mr. Graves (LA) moved to suspend the rules and pass the bill, as amended.

lower

Dec 4, 2024

Lower · Passed

Reported by the Committee on Transportation and Infrastructure. H. Rept. 118-796.

lower

Sep 18, 2024

Lower · Passed

Committee Consideration and Mark-up Session Held

lower

Sep 18, 2024

Lower · Passed

Subcommittee on Economic Development, Public Buildings, and Emergency Management Discharged

lower

Apr 19, 2023

Committee

Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.

lower

Apr 18, 2023

Committee

Referred to the House Committee on Transportation and Infrastructure.

lower

Apr 18, 2023

Introduced

Introduced in House

lower

1 primary · 34 co-sponsors