WASHINGTON – Today Republican members of the Senate Agriculture Committee introduced the Federal Agriculture Risk Management Enhancement and Resilience Act, or FARMER Act, of 2024.
This bill would increase the level of taxpayer-funded premium subsidies that the richest farmers receive for the highest crop insurance coverage levels through the federal Crop Insurance Program. It would also expand the Supplemental Coverage Option.
The following is a statement from Anne Schechinger, EWG’s midwest director and an agricultural economist.
Both of the FARMER Act’s proposed changes to crop insurance would drive up taxpayer costs for an already expensive program. The program currently costs billions of dollars each year yet mostly benefits the largest and wealthiest farms, which do not need more taxpayer support.
In a year when it will be difficult to find money to increase funding for any program in the farm bill, the Senate should focus not on increasing crop insurance subsidies but instead on reducing the costs of the Crop Insurance Program and protecting conservation funding for climate-smart agriculture.
Only about 20 percent of farms participate in the Crop Insurance Program, but federal conservation programs are open to all farmers.
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