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119-s-1117119th CongressWALLET

Quality Loss Adjustment Improvement for Farmers Act

Sponsored By: Senator Kennedy, John [R-LA]

Introduced

Summary

Quality loss adjustment procedures would get regular reviews and new regional soybean discount rules to make crop-insurance payouts better match local market losses. The bill would direct the Federal Crop Insurance Corporation (FCIC) to hire outside experts, get regionally diverse stakeholder input, and update procedures based on those reviews.

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  • Farmers: Would see insurance quality-loss rules reviewed on a schedule so payouts better reflect real-world quality discounts. This aims to make payments more accurate for affected crops.
  • Soybean growers in disaster or salvage markets: Would have state or regional discount factors applied when a declared disaster or salvage market occurs, so insurance values reflect local price penalties.
  • FCIC and program administrators: Would contract qualified reviewers, hold stakeholder engagement, and deliver a report to the House and Senate agriculture committees after each review, with reviews occurring every 5 years and each completed within 1 year.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Periodic QLA reviews and soybean discounts

If enacted, the bill would require the crop insurance corporation to start professional reviews of its quality loss adjustment (QLA) procedures in calendar year 2025. Reviews would occur once every 5 years and each review must finish within 1 year. Each review would include regionally diverse industry stakeholders for every commodity with a QLA. After each review, the Corporation would report findings, any procedural changes, and stakeholder engagement to the House and Senate agriculture committees. The bill would also require the Corporation to set a State or regional soybean discount factor when a covered declaration (a Secretary disaster, a Presidential major disaster under Stafford Act section 401, or a Presidential emergency under Stafford Act section 501) or a soybean salvage market occurs in a State or region. Any such soybean discount factor must be included in the periodic review and in the report to the congressional agriculture committees.

Sponsors & CoSponsors

Sponsor

Kennedy, John [R-LA]

LA • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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