Not later than 1 year after the date of enactment of this Act, the President, acting through the Administrator of the Federal Emergency Management Agency and in consultation with the heads of relevant Federal departments and agencies, including the United States Forest Service and Department of Interior, shall conduct and complete a rulemaking to develop guidelines and a rule that establishes thresholds for cases in which the Federal cost share for section 420 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (
42 U.S.C. 5187) may be increased. Such thresholds shall use a fire-specific metric to determine fire damage referred to in subsection (a) of such section, and recommend a Federal cost share adjustment for fire damage that meets the established thresholds. The Administrator shall follow all notice and comment requirements set forth in section 553 of title 5, United States Code, for such rulemaking.