FIND Accountability Act of 2005

Flood Insurance Needs Defined Accountability Act of 2005 or the FIND Accountability Act of 2005 - Amends the National Flood Insurance Act of 1968 to direct the Secretary of the Treasury to require the Director of the Federal Emergency Management Agency (FEMA) to reimburse the Secretary fully for any FEMA indebtedness under the National Flood Insurance Program the Secretary has purchased. Prohibits the Secretary from cancelling, reducing, or forgiving any such indebtedness.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4453 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 4453

To require reimbursement by the Federal Emergency Management Agency of 
   any amounts borrowed for purposes of the National Flood Insurance 
                    Program, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 7, 2005

   Ms. Foxx (for herself, Mr. Hensarling, Mr. Lucas, Mr. Flake, Mr. 
 Tancredo, Mrs. Musgrave, Mr. Kingston, Mr. Pitts, Mr. Garrett of New 
Jersey, Mrs. Blackburn, Mr. Wamp, Mr. Burton of Indiana, Mr. Akin, Mr. 
Cantor, Ms. Woolsey, Mr. Neugebauer, Mrs. Cubin, and Mr. Sam Johnson of 
    Texas) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To require reimbursement by the Federal Emergency Management Agency of 
   any amounts borrowed for purposes of the National Flood Insurance 
                    Program, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Flood Insurance Needs Defined 
Accountability Act of 2005'' or the ``FIND Accountability Act of 
2005''.

SEC. 2. REIMBURSEMENT REQUIREMENT FOR NATIONAL FLOOD INSURANCE PROGRAM 
              BORROWING.

    Section 1309 of the National Flood Insurance Act of 1968 (42 U.S.C. 
4016) is amended by adding at the end the following new subsections:
    ``(c) Notwithstanding any other provision of law, the Secretary of 
the Treasury shall require the Director to make full payment to the 
Secretary under any notes and obligations purchased by the Secretary 
pursuant to this section or any other provision of law authorizing 
purchase by the Secretary of notes and obligations of the Director for 
purposes of carrying out the flood insurance program under this title, 
and the Secretary may not cancel, reduce, or forgive any obligation of 
the Director under such notes and obligations.
    ``(d) At any time that there are outstanding any notes or 
obligations described in subsection (c), the Director shall submit, on 
a fiscal year quarterly basis, to the Congress and the Secretary of the 
Treasury, a report identifying the amount of any obligation outstanding 
under such notes and obligations, the anticipated schedule for 
fulfilling such obligations in a timely manner, and any measures taken 
by the Director to ensure fulfillment of such obligation.''.
                                 <all>