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![handle is hein.congrecreports/crptxaamk0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-255
TAXPAYER EXPOSURE MITIGATION ACT OF 2017
JULY 25, 2017.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 2246]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2246) to repeal the mandatory flood insurance coverage
requirement for commercial properties located in flood hazard
areas and to provide for greater transfer of risk under the National
Flood Insurance Program to private capital and reinsurance mar-
kets, and for other purposes, having considered the same, report fa-
vorably thereon with an amendment and recommend that the bill
as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Taxpayer Exposure Mitigation Act of 2017.
SEC. 2. OPT-OUT OF MANDATORY COVERAGE REQUIREMENT FOR COMMERCIAL PROPERTIES.
(a) AMENDMENTS TO FLOOD DISASTER PROTECTION ACT OF 1973.-The Flood Dis-
aster Protection Act of 1973 is amended-
(1) in section 3(a) (42 U.S.C. 4003(a))-
(A) in paragraph (10), by striking and at the end;
(B) in paragraph (11), by striking the period at the end and inserting
and; and
(C) by adding at the end the following new paragraph:
(12) 'residential improved real estate' means improved real estate that-
(A) is primarily used for residential purposes, as defined by the Federal
entities for lending regulation; and
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