WASHINGTON, D.C. – Congressman Neal Dunn, M.D. (FL-02), announced today that the House Committee on Transportation and Infrastructure will markup his bill, H.R. 2672, the FEMA Loan Interest Payment Relief Act on Wednesday, September 18. This legislation provides financial assistance to local governments and electric cooperatives by reimbursing them for interest payments on loans used to fund disaster recovery activities under the Robert T. Stafford Disaster Relief and Emergency Assistance Act.

The FEMA Loan Interest Payment Relief Act amends the Stafford Act to reimburse local governments and electric cooperatives for the interest on loans used for disaster recovery efforts. Many of these entities need immediate funds for recovery and infrastructure repairs, but FEMA reimbursements often take time, leaving them with high-interest loan payments. This bill relieves them of that financial burden, allowing them to focus on recovery rather than loan costs.

“Too many of our local governments find themselves caught between the need for quick disaster recovery funding and the significant interest costs that come with those loans,” said Congressman Dunn. “This bill will assist our communities by reimbursing the interest on loans used to restore services and infrastructure, allowing them to focus on rebuilding and recovery.”

The FEMA Loan Interest Payment Relief Act will provide for reimbursement of qualifying interest on loans used primarily for activities covered under FEMA’s disaster relief programs. This reimbursement applies retroactively to loans taken in the seven years preceding the bill’s enactment?.

View the full bill here.

The markup will be streamed live, Wednesday September 18, 2024, starting at 10AM on the Transportation and Infrastructure Committee’s YouTube page here.

Congressman Dunn introduced the bill with strong bipartisan support. Cosponsors include:

• Rep. Garret Graves [R-LA-6]
• Rep. Darren Soto [D-FL-9]
• Rep. Mike Ezell [R-MS-4]
• Rep. Carlos A. Gimenez [R-FL-28]
• Rep. Clay Higgins [R-LA-3]
• Rep. Gus M. Bilirakis [R-FL-12]
• Rep. Aaron Bean [R-FL-4]
• Rep. Barry Moore [R-AL-2]
• Rep. John H. Rutherford [R-FL-5]
• Rep. Jared Moskowitz [D-FL-23]
• Rep. Michael Guest [R-MS-3]
• Rep. Anna Paulina Luna [R-FL-13]
• Rep. Jimmy Panetta [D-CA-19]
• Rep. Trent Kelly [R-MS-1]
• Rep. Sanford D. Bishop, Jr. [D-GA-2]
• Rep. Byron Donalds [R-FL-19]
• Rep. Bill Posey [R-FL-8]
• Rep. C. Scott Franklin [R-FL-18]
• Rep. Kat Cammack [R-FL-3]
• Rep. Laurel M. Lee [R-FL-15]
• Rep. Cory Mills [R-FL-7]
• Rep. Debbie Wasserman Schultz [D-FL-25]
• Rep. Mario Diaz-Balart [R-FL-26]
• Rep. Lois Frankel [D-FL-22]
• Rep. Sheila Cherfilus-McCormick [D-FL-20]
• Rep. Vern Buchanan [R-FL-16]
• Rep. Cathy McMorris Rodgers [R-WA-5]
• Rep. Julia Letlow [R-LA-5]
• Rep. Troy A. Carter [D-LA-2]
• Rep. Daniel Webster [R-FL-11]
• Rep. Pete Stauber [R-MN-8]
• Rep. Dean Phillips [D-MN-3]

For more information on this markup, visit the Transportation and Infrastructure Committee's website here.