To require the Comptroller General to conduct a study regarding mandatory purchasing requirements.

SA 4705. Ms. LANDRIEU (for herself, Mr. Pryor, and Mrs. Lincoln)
submitted an amendment intended to be proposed by her to the bill S.
2284, to amend the National Flood Insurance Act of 1968, to restore the
financial solvency of the flood insurance fund, and for other purposes;
which was ordered to lie on the table; as follows:

On page 9, strike line 20 and all that follows through page
10, line 9, and insert the following:
(c) Study on Mandatory Purchase Requirements.--
(1) In general.--Not later than 6 months after the date of
enactment of this Act, the Comptroller General shall conduct
and submit to Congress a study assessing the impact,
effectiveness, and feasibility of amending the provisions of
the Flood Disaster Protection Act of 1973 regarding the
properties that are subject to the mandatory flood insurance
coverage purchase requirements under such Act to extend such
requirements to properties located in any area that would be
designated as an area having special flood hazards but for
the existence of a structural flood protection system.
(2) Content of report.--In carrying out the study required
under paragraph (1), the Comptroller General shall
determine--
(A) the regulatory, financial and economic impacts of
extending the mandatory purchase requirements described under
paragraph (1) on the costs of homeownership, the actuarial
soundness of the National Flood Insurance Program, the
Federal Emergency Management Agency, local communities,
insurance companies, and local land use;
(B) the effectiveness of extending such mandatory purchase
requirements in protecting homeowners from financial loss and
in protecting the financial soundness of the National Flood
Insurance Program; and
(C) any impact on lenders of complying with or enforcing
such extended mandatory requirements.
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