S. 3418

Safeguarding Tomorrow through Ongoing Risk Mitigation Act or the STORM Act

This bill authorizes the Federal Emergency Management Agency (FEMA) to enter into agreements with any state or Indian tribal government to make capitalization grants for the establishment of hazard mitigation revolving loan funds.

Such funds shall provide funding assistance to local governments to carry out projects to reduce disaster risks for homeowners, businesses, nonprofit organizations, and communities in order to decrease the loss of life and property, the cost of insurance claims, and federal disaster payments.

Until FEMA issues final regulations to implement provisions of this bill, it may (1) waive notice and comment rulemakings if necessary, and (2) provide capitalization grants as a pilot program.

FEMA shall not be liable for any claim based on the exercise or performance of, or the failure to exercise or perform, a discretionary function or duty by FEMA or by a FEMA employee in carrying out this bill.

The Government Accountability Office shall report to Congress, examining (1) the appropriateness of regulations and guidance issued by FEMA for the program; (2) a description of the number of the entity loan funds established, the projects funded from such entity loan funds, and the extent to which projects funded by the loan funds adhere to any applicable hazard mitigation plans; (3) the effectiveness of the entity loan funds to lower disaster related costs; and (4) recommendations for improving the administration of entity loan funds.