R Street urges lawmakers to support Harvest Price Subsidy Prohibition Act
“Federal crop insurance payments repeatedly cost far more than projected, and this bill will go a long way toward securing vital protections for the American taxpayer,” said Andrew Moylan, R Street’s executive director. “These significant savings can be achieved while still allowing reasonable protections for farmers who rely on crop insurance as their main source of support.”
The Congressional Budget Office estimates the Flake-Duncan bill would save more than $18 billion over the next decade, with no effect on the premium subsidies farmers receive for standard crop insurance policies.
“We praise Rep. Duncan and Sen. Flake for their leadership on this important issue, and encourage their colleagues to both support the measure and to continue to look for ways to limit taxpayer exposure by shifting more risk into the private market,” said Moylan.