ABA, Farming Groups Urge Senate to Restore Crop Insurance

In a joint letter today, ABA and several farming industry groups urged the Senate to repeal a provision in the recent budget bill that would hinder the private-sector delivery of crop insurance.

“The crop insurance provision contained in the recently enacted budget deal would gut the private sector delivery of crop insurance,” the groups said. “The inevitable result of this provision would be increased industry consolidation, reduced choice in insurance providers for all farmers and a dramatic decline in the availability and service of policies.”

Without private crop insurance, farmers and ranchers must rely on ad hoc disaster assistance, a taxpayer-funded program that provides aid after a disaster, but does not help manage risk.

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About Author

Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and a senior editor at the American Bankers Association, where she oversees ABA Daily Newsbytes.