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Week Ending November 18, 2005

H.R.4133 To temporarily increase the borrowing authority of the Federal Emergency Management Agency for carrying out the national flood insurance program.

BRIEF

  The bill would increase the borrowing authority of the Federal Emergency Management Agency from $3.5 billion to $8.5 billion to cover claims against the flood insurance program.

   FEMA borrows money directly from the US Treasury at a reduced rate.

   The agency is swamped with claims resulting from the 2005 and 2006 hurricane and tornado damages.

Sponsor: Representative Michael G. Fitzpatrick (R-PA-8^th)

Vote: Passed House by voice vote November 16, 2005

Cost to the taxpayers: Direct spending is increased by $5 billion.

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