; and (ii) require the use of land and water resources that are appropriate when compared with the degree of hazard that is involved. (B) Considerations The head of each agency shall— (i) provide for the adequate evaluation and consideration of flood hazards with respect to the regulations and operating procedures for the licenses, permits, and loan or grant programs administered by the agency; and (ii) with respect to an applicant for a license, permit, loan, or grant that is issued or administered by the agency, encourage, and provide appropriate guidance to, the applicant to evaluate, before submitting the application, the effects that the application, if granted, would have on floodplains. (6) Regulations and procedures To the extent permitted by law, the head of each agency shall, in consultation with the Water Resources Council, the Federal Interagency Floodplain Management Task Force, the Administrator, and the Council on Environmental Quality— (A) issue regulations, or amend regulations that are in effect as of the date of enactment of this Act, to comply with the requirements of this Act; and (B) amend the regulations described in subparagraph (A) as warranted. (c) Annual reassessment The Mitigation Framework Leadership Group, in consultation with the Federal Interagency Floodplain Management Task Force, shall— (1) annually reassess the implementation of the requirements imposed under this section; and (2) provide recommendations to the Water Resources Council for updates to the requirements imposed under this section that are warranted based on accurate and actionable science that takes into account changes to climate and other changes in flood risk. 5. Federal Flood Risk Management Standard (a) In general The head of an agency shall— (1) except as provided in subsection (b), with respect to a federally funded project undertaken by the agency, ensure that the agency complies with the Standard