WASHINGTON, D.C. - Today, House Agriculture Subcommittee on General Farm Commodities and Risk Management Chairman Leonard Boswell, D-Iowa, held a hearing to review current issues facing the U.S. crop insurance industry.
The U.S. Department of Agriculture and crop insurance companies recently finished the process of renegotiating the Standard Reinsurance Agreement (SRA), which governs the relationship between the federal government and private companies that deliver crop insurance products to farmers. The SRA outlines risk sharing and reimbursements that the Federal government provides to crop insurance companies in order to ensure that farmers and ranchers have access to adequate risk management tools.
"As a farmer during the 1980's Farm Crisis, I learned how important good crop insurance is to managing risk and getting through tough times out on the farm," Chairman Boswell said. "Today's hearing was an opportunity to get feedback about what kind of coverage farmers need, what the government can do to bolster their safety nets, and the role of private crop insurance agents. After today's hearing, I still have concerns regarding the Standard Reinsurance Agreement and the potential impact it will have on small rural communities in Iowa."
"Given the recent signing of the 2011 Standard Reinsurance Agreement (SRA), it is important that we hold this hearing. While the SRA has already been completed, members of the Committee should have the opportunity to publicly voice their concerns and objections. Congress must exercise its oversight authority and doing so now will give us an idea about what parts of the SRA we must closely monitor as it is implemented," said Subcommittee Ranking Member Jerry Moran, R-Kan.
Written testimony provided by the witnesses is available on the Committee website: http://agriculture.house.gov/hearings/index.html.
A full transcript of the hearing will be posted on the Committee website at a later date. To receive updated schedule and news information from the House Agriculture, please visit the House Committee on Agriculture website to sign up for email updates: http://agriculture.house.gov/Eupdates/updates.html.
Washington, D.C. —
