A bill to amend the National Flood Insurance Act of 1968 to continue the present federally subsidized flood insurance program in any locality where construction of an adequate flood protection system has begun, and to eliminate the compulsory features added to such program by the Flood Disaster Protection Act of 1973.

Continues the present federally subsidized flood insurance program, under the National Flood Insurance Act of 1968, in any locality where construction of an adequate flood protection system has begun.

Repeals the provisions of the Flood Disaster Protection Act of 1973 which require flood insurance in specified instances before Federal financial assistance can be provided.