This report presents a historical overview of the need for and development of a national flood hazard reduction program and a standard for implementing that program (Section I), the findings of the review of the 100-year base flood standard and E.O. 11988 (Sections II and III, respectively), and FEMA's conclusions and recommendations based upon that review (Section IV). Because the 100-year base flood standard predates E.O. 11988, is more fundamental, and has broader implications and impacts, it is discussed first. Background documentation (tasking memoranda, comments, and document sources) are contained in the appendices.