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Five-Year Farm Bill Signed into Law

Crop insurance recognized as central risk management tool.

The Federal Crop Insurance Program (FCIP) was recognized as the central risk management tool for farmers and ranchers in the final Farm Bill Congress sent to President Barack Obama to sign into law.

The U.S. Senate passed the Conference Report to S.954, “The Agriculture Reform, Food, and Jobs Act of 2013,” Feb. 4 in a 68-32 vote. The House passed the legislation in a 251-166 vote on Jan. 29. The president swiftly signed the bipartisan legislation into law on Feb. 7.

After almost two years of deliberation, the Senate and House were finally able to come to a consensus on a five-year bill. The long-term agreement is a complete overhaul of the current Farm Bill polices, saves taxpayers $23 billion over 10 years by ending the Direct Payment Program for commodities, and finds savings within the food stamp (SNAP) program. Additionally, the FCIP will not have payment limits but it will be tied to conservation compliance.

Opposing payment limits for the FCIP was a central goal for the Big ”I” and its industry partners as the Farm Bill went through the legislative process. The association strongly advocated that farmers should have the ability to purchase adequate coverage for their farmland and was pleased when, after much negotiation, the Senate and House finally reached consensus on a long-term bill which did not include payment limits to premium subsidies.

The Big “I” has been a vocal advocate on behalf of the FCIP and was instrumental is ensuring that crop insurance agents and their customers continue to be able to rely on this important program.