Farm Crop Insurance Act

Summary

Farm Crop Insurance Act - Raises the amount of capital stock of the Federal Crop Insurance Corporation authorized by the Federal Crop Insurance Act from $100,000,000 to $400,000,000. Increases the maximum compensation of members of the FCIC Advisory Committee and of members of the Board of Directors who are not otherwise employed by the Government to no greater than the daily rate for GS-18. Eliminates county crop insurance committees and associations of producers from the administration of the insurance program. Makes insurance available to producers of rice, peanuts, and tobacco as well as of wheat, cotton, grain sorghum, corn, and barley wherever they are grown commercially. Increases the insurance coverage of an average crop yield from 75 percent to 90 percent. Authorizes insurance against prevented planting losses caused by floods. Provides for a 25 percent Federal subsidy of each participant's premium. Removes the $12,000,000 limitation on funds that may be made available by direct appropriation and creates within the United States Treasury a separate revolving fund available, without fiscal year limitation, for administrative and operating expenses of the Corporation and for other purposes. Grants the Corporation discretionary borrowing authority. Authorizes the Government to reimburse the Corporation for the depletion of premium reserves paid in by farmers caused by administrative and operating expenses.

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1 official file

• Introduced in Senate

  summary · EN · 10 August 1978

  Open at official source

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