Streamlined FEMA Cost Exemption Act

This bill makes changes to how FEMA handles disaster funding recovery. It shortens the time FEMA has to ask for money back from three years to two years after a project is finished. The bill lets FEMA set its own acceptable error rate for disaster assistance payments instead of following the current 10% rule. FEMA can also choose not to collect money back when payments are no more than 5% over the actual project cost. The bill gives the President authority to waive rules that prevent people from getting duplicate benefits for disasters if a state governor requests it and certain conditions are met.

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