Management Agency a report regarding the impacts of wildfire smoke and poor indoor air quality, the challenges posed to Federal Emergency Management Agency in addressing wildfire smoke and indoor air quality, and recommendations for the Federal Emergency Management Agency to better provide assistance to communities and individuals in dealing with wildfire smoke and indoor air quality. 8. Report Congress and update of cost effectiveness determinations and declarations (a) Report Not later than 2 years after the date of enactment of this Act, the Administrator of the Federal Emergency Management Agency, in coordination with the Director of the Office of Management and Budget, shall submit to Congress a report regarding the challenges posed by the Agency’s requirements for declaring an incident or determining the cost effectiveness of mitigation activities and specifically how such requirements may disproportionately burden small impoverished communities, or specific vulnerable populations within communities. (b) Update of cost effectiveness determination Not later than 5 years after the date of enactment of this Act, the Administrator, to the extent practicable, shall update the requirements for determining cost effectiveness and declaring incidents, including selection of appropriate interest rates, based on the findings made under subsection (a).