To appropriate funds for the Federal Emergency Management Agency's Disaster Relief Fund, and for other purposes.

1) What happened: HR8368 was introduced on April 20, 2026, by Rep. Troy Carter (D-LA) to appropriate $26.367 billion for FEMA's Disaster Relief Fund for FY2026, designated as emergency funding. The bill has one cosponsor and has been referred to the Appropriations and Budget committees. The bill is in an early procedural stage with no hearings or markups. Separately, on the same date, the President issued a Defense Production Act Determination aimed at accelerating domestic petroleum production, refining, and logistics infrastructure. 2) The money trail: HR8368 is an appropriations bill — it directly allocates $26.367 billion as emergency funding, meaning it is not subject to normal budget caps. The money goes to FEMA's Disaster Relief Fund, which then issues grants to state/local governments and contracts to private firms for debris removal, temporary housing, infrastructure repair, and other disaster response activities under the Stafford Act. Because the bill is early-stage, no funds are currently flowing. 3) Structural winners and losers: The primary beneficiaries of direct FEMA disaster relief appropriations are infrastructure construction firms, temporary housing providers, and debris removal contractors — most of which are privately held or have small public company exposure. The defense primes listed ($LMT, , $NOC) derive negligible revenue from FEMA disaster contracts. The more market-relevant action is the DPA Determination, which directly signals executive support for midstream energy infrastructure, favoring $KMI, $ET, and broader oil & gas logistics companies. However, the DPA Determination is an executive action, not a legislative mandate. 4) Market data context: No real market data was provided for any ticker. Based on structural positioning, $KMI and $ET are better positioned from the DPA action than from the FEMA appropriations bill itself. 5) Timeline: HR8368 has a long legislative path — committee review in both Appropriations and Budget, potential House floor vote, Senate introduction and passage, then presidential signature. The bill's one cosponsor (junior member) and no Senate companion bill indicate low momentum for near-term passage. The DPA Determination is effective immediately but requires agencies to implement.