Last week, legislation was introduced in the U.S. Senate that would drastically impose cuts to the Federal Crop Insurance Program (FCIP). The bill, S. 3292, the “Assisting Family Farms through Insurance Reform Measures Act,” or the AFFIRM Act, was introduced by Sen. Jeanne Shaheen (D-NH) and Sen. Pat Toomey (R-PA).
The legislation would significantly weaken the FCIP and the critical safety net the program offers. A few of the many provisions in the bill include an Adjusted Gross Income (AGI) limit of $250,000, a $40,000 cap on premium subsidies and cutting the targeted rate of return for crop insurance companies from 14% to 8.9%.
The FCIP also recently received attacks from the Trump Administration with the roll out of the president’s proposed FY2021 budget.
The crop insurance program plays a vital role in cities and communities across the country and the Big “I”, along with its crop insurance coalition partners, will continue to advocate for a strong and robust FCIP.
Joseph Cortina is Big “I” director, federal government affairs.