Farm Bill Proposal To Modernize Farm Safety Net

Published online: May 10, 2007 SP Staff
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WASHINGTON, D.C.--U.S. Representatives Ron Kind (D-WI), Jeff Flake (R-AZ), Joe Crowley (D-NY), and David Reichert (R-WA) announced legislation they will introduce in the House that provides a bold new direction for farm policy. The Food & Agriculture Risk Management for the 21st Century Act (FARM 21) will modernize the farm safety net, institute fiscally responsible reforms, and reallocate the savings to programs that will help more farmers and more regions of the country through resource conservation, better nutrition, and renewable energy development. Under this proposal, the current system of farm subsidies - counter-cyclical, loan deficiency, income loss, and direct payments - would gradually be transitioned to a more cost-effective and responsive system of farmer-held income stabilization accounts. The aim is to transition from the outdated, market and trade-distorting subsidies that have been plagued with implementation problems and into a new era where farmers manage their own assets and harvest what makes sense for them and their land.