The ACCURATE Act directs the Commerce Department's Standards and Technology office to establish a federal commission that will develop standards and best practices for hazard risk assessment tools used by government agencies and the private sector. The commission, which will include representatives from federal agencies, state and local governments, FEMA, and various industries such as insurance, banking, and construction, will identify what hazard assessment tools currently exist, examine the data and methods behind them, and recommend quality standards for flood maps, hazard scores, and other risk evaluation products. The commission will operate for five years and must submit three reports to Congress between nine and eighteen months after its formation, with the final report assessing whether the new standards improve the quality of available tools. Once standards are adopted, federal agencies will be required to use them when purchasing hazard risk assessment tools from private vendors, though exceptions exist for emergency situations and cases where no applicable standards have been issued.
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