National Resilience and Recovery Fund Act

H.R. 5983 would establish a National Resilience and Recovery Fund within the U.S. Department of the Treasury. The fund would be financed through new and modified taxes on fossil fuel companies, including taxes on crude oil and natural gas extraction from federal lands, taxes on oil from the outer Continental Shelf in the Gulf of Mexico, and a windfall profits tax on crude oil sold above certain price thresholds. If enacted, these revenues would support Federal Emergency Management Agency programs focused on disaster recovery and resilience, including the Hazard Mitigation Grant Program, the Safeguarding Tomorrow Revolving Loan Fund Program, and the Flood Mitigation Assistance program. The bill is currently under committee consideration and has not yet been voted on by the full House.