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Quality Loss Adjustment Improvement for Farmers Act

USA118th CongressS-4353| Senate 
| Updated: 5/16/2024
John Kennedy

John Kennedy

Republican Senator

Louisiana

Agriculture, Nutrition, and Forestry Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Quality Loss Adjustment Improvement for Farmers Act This bill directs the Federal Crop Insurance Corporation (FCIC) to review and revise quality loss adjustment coverage and provides for the establishment of a regional discount factor for soybeans, as needed. The FCIC is a government corporation that finances and administers the federal crop insurance program (FCIP) operations. Under the FCIP, farmers may purchase insurance coverage against financial losses caused by certain adverse growing and market conditions, including for quality losses. The federal government subsidizes the premiums that farmers pay for these insurance policies. The bill directs the FCIC to contract with a qualified entity to conduct a review at least once every five years of the quality loss adjustment procedures. Based on each review, the FCIC must make adjustments to the procedures. Each review must include engagement from regionally diverse industry stakeholders for each agricultural commodity for which a quality loss adjustment is offered. The bill also directs the FCIC, in certain circumstances, to establish a state or regional discount factor for soybeans to reflect the average quality discounts applied to the local or regional market prices of the soybean crop. The FCIC must take this action in the event of (1) specific emergency or disaster declarations for a state or region, or (2) the occurrence of a salvage market for soybeans in a state or region.
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Timeline
May 16, 2024
Introduced in Senate
May 16, 2024
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Sep 3, 2024

Latest Companion Bill Action

HR 118-8436
Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
  • May 16, 2024
    Introduced in Senate


  • May 16, 2024
    Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.


  • September 3, 2024

    Latest Companion Bill Action

    HR 118-8436
    Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

Agriculture and Food

Related Bills

  • HR 118-8436: Quality Loss Adjustment Improvement for Farmers Act

Quality Loss Adjustment Improvement for Farmers Act

USA118th CongressS-4353| Senate 
| Updated: 5/16/2024
Quality Loss Adjustment Improvement for Farmers Act This bill directs the Federal Crop Insurance Corporation (FCIC) to review and revise quality loss adjustment coverage and provides for the establishment of a regional discount factor for soybeans, as needed. The FCIC is a government corporation that finances and administers the federal crop insurance program (FCIP) operations. Under the FCIP, farmers may purchase insurance coverage against financial losses caused by certain adverse growing and market conditions, including for quality losses. The federal government subsidizes the premiums that farmers pay for these insurance policies. The bill directs the FCIC to contract with a qualified entity to conduct a review at least once every five years of the quality loss adjustment procedures. Based on each review, the FCIC must make adjustments to the procedures. Each review must include engagement from regionally diverse industry stakeholders for each agricultural commodity for which a quality loss adjustment is offered. The bill also directs the FCIC, in certain circumstances, to establish a state or regional discount factor for soybeans to reflect the average quality discounts applied to the local or regional market prices of the soybean crop. The FCIC must take this action in the event of (1) specific emergency or disaster declarations for a state or region, or (2) the occurrence of a salvage market for soybeans in a state or region.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
May 16, 2024
Introduced in Senate
May 16, 2024
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Sep 3, 2024

Latest Companion Bill Action

HR 118-8436
Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
  • May 16, 2024
    Introduced in Senate


  • May 16, 2024
    Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.


  • September 3, 2024

    Latest Companion Bill Action

    HR 118-8436
    Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
John Kennedy

John Kennedy

Republican Senator

Louisiana

Agriculture, Nutrition, and Forestry Committee

Agriculture and Food

Related Bills

  • HR 118-8436: Quality Loss Adjustment Improvement for Farmers Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted