Legislation Cuts Crop Insurance To Save Money

Agribusiness
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A Pair of Wisconsin Representatives have introduced the Assisting Family Farmers through Insurance Reform Measures (AFFIRM) Act. The measure will make cuts to crop insurance to save taxpayers an estimated $24.4 billion over 10 years.

Democrat Congressman Ron Kind, a known critic of farm subsidy programs, claims the bill will still providing a strong safety net for family farmers. Kind says the current crop insurance system is extremely wasteful and “in need of major reform.”
Republican Congressman Jim Sensenbrenner agrees, he says the bill would save taxpayers $24.4 billion. He adds, the bill makes cuts “to reduce unnecessary subsidies directed towards our country’s largest and most profitable farms and agribusinesses.”

This legislation comes a week after Congress passed a budget agreement, which lowered the profit margin to crop insurance companies to 8.9 percent from 14 percent to generate $3 billion in savings.

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