Fema Loan Interest Payment Relief Act

Floor Speech

Mr. Speaker, I rise in support of H.R. 2672, the legislation authored by Representatives Dunn and Soto from Florida. This bill clarifies that FEMA should reimburse local governments and electric co-ops for interest on disaster recovery loans.

In the aftermath of a disaster, local communities are the first to mobilize costly recovery efforts, which they often fund with substantial loans.

It is Congress' intent that FEMA's public assistance program eventually reimburses these loans. However, the process can be complex and time-consuming, and the reimbursement policy is often not applied to local governments and electric co-ops in the same way it is applied to States.

When communities are working to recover, the last thing that they need is more uncertainty and additional financial burdens. This legislation provides much-needed relief by directing FEMA to reimburse all qualifying interest expenses equally. By doing so, communities on the front lines of disaster recovery can focus on what truly matters, rebuilding and restoring lives and homes.

Mr. Speaker, I urge my colleagues to support this legislation, and I reserve the balance of my time.

BREAK IN TRANSCRIPT

Mr. LARSEN of Washington. Mr. Speaker, local governments and electrical co-ops should not be penalized for taking out loans to jump- start disaster recovery for their communities. This bill will direct the administrator of FEMA to reimburse qualifying interest accrued on such loans.

Mr. Speaker, I urge my colleagues to support this legislation, and I yield back the balance of my time.

BREAK IN TRANSCRIPT

Source