This bill creates a Federal Commission on Weather Risk Data and Modeling within the Department of Commerce to establish standards for weather risk data and models used by the federal government. The commission, to be established within 180 days, will be co-chaired by the heads of the National Oceanic and Atmospheric Administration and the National Institute of Standards and Technology, and will include representatives from state and local governments, emergency management, insurance, banking, engineering, and academia. The commission will develop validation standards for weather risk data purchased or used by federal agencies, review private sector applications for model approval, and share information with relevant stakeholders including state and local governments, tribal governments, and industry groups. Within two years of enactment, all federal departments and agencies must stop using weather risk data and models that don't meet the commission's validation standards. The bill requires the commission to submit a report to the President and Congress within one year analyzing the quality of existing weather risk models and assessing federal use of private sector data.
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