Representatives from agriculture organizations like the American Farm Bureau Federation (AFBF) continue to meet with legislators across the nation regarding proposed cuts to federal crop insurance programs.
The 2015 Bipartisan Budget Act includes a proposed $3 billion in cuts allowed through an agreement removing the 2014 farm bill requirement that would protect crop insurance.
The budget agreement also reduces the rate of return on retained premiums for crop insurers from 14.5 percent to 8.9 percent, according to AFBF’s Executive Newswatch.
House and Senate Agriculture Committee chairs have both said there’s an agreement among leadership that would deal with the proposed $3 billion in cuts in an omnibus spending bill; however, support from Minority Leader Harry Reid and House Minority Leader Nancy Pelosi is not assured.
Additional information about the proposed threats and the importance of crop insurance to America’s farmers can be found in this story: http://bit.ly/1IgAbzL.