S.1073 - Crop Insurance for Future Farmers Act (119th Congress)
Summary
S.1073, the Crop Insurance for Future Farmers Act, aims to amend the Federal Crop Insurance Act to bolster crop insurance support for beginning and veteran farmers and ranchers. The bill extends the period for which farmers and ranchers can be considered "beginning" or "veteran" from 5 to 10 years. It also increases the percentage points of assistance provided to these farmers during their first several years of participation in crop insurance programs.
Expected Effects
The likely effect of this bill is increased participation in crop insurance programs by beginning and veteran farmers and ranchers. This would provide them with greater financial security and stability in the face of agricultural risks. The changes aim to make crop insurance more accessible and beneficial for those starting out or transitioning into agriculture.
Potential Benefits
- Increased Financial Security: Provides a safety net for new and veteran farmers against crop losses.
- Encourages New Farmers: Makes farming more attractive to new entrants by reducing financial risks.
- Supports Veteran Farmers: Helps veterans transition into or continue in agricultural careers.
- Promotes Agricultural Stability: Contributes to a more stable and resilient agricultural sector.
- Long-Term Growth: By supporting new farmers, it fosters long-term agricultural growth and innovation.
Potential Disadvantages
- Potential for Increased Costs: The increased assistance could lead to higher costs for the federal crop insurance program.
- Complexity: The tiered percentage point adjustments may add complexity to the program.
- Administrative Burden: Implementing the changes could create additional administrative burdens for the USDA.
- Potential for Abuse: There is a risk that some individuals may attempt to exploit the extended eligibility criteria.
- Market Distortion: Subsidies could potentially distort agricultural markets.
Constitutional Alignment
This bill appears to align with the Constitution's general welfare clause (Preamble). Congress has the power to promote the general welfare through legislation that supports agriculture. Article I, Section 8, Clause 1 grants Congress the power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).