This bill amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act (Stafford Act) to authorize the President to waive the general prohibition against duplication of benefits for losses as a result of a major disaster or emergency if the President finds such waiver is in the public interest. A request for a waiver must be granted or denied not later than 45 days after its submission. In making a waiver decision the President may consider the recommendations of the Federal Emergency Management Agency (FEMA) and cost benefits. The President may not determine that a loan is a duplication of assistance. The general prohibition against duplication of benefits under the Stafford Act does not preclude funding of activities associated with the construction of a federally authorized water resources development project.