Farm Groups Applaud Rep. Nancy Mace for Backing Crop Insurance Transparency Act
WASHINGTON, D.C. — Projected to cost $100 billion in this decade alone, the Federal Crop Insurance Program is the most expensive program in the farm safety net, yet federal law prohibits the USDA from disclosing basic information about subsidy recipients. This week, Rep. Nancy Mace, R-Mt. Pleasant, was working hard to legislate and joined as a cosponsor of the Crop Insurance Transparency Act, H.R. 5747, led by Reps. Ralph Norman, R-Rock Hill, and Earl Blumenauer, D-Oregon. The measure would require USDA to publicly disclose the names of producers and insurers who receive federal crop insurance subsides and the amount received.
Rep. Nancy Mace joins Marty Irby and farmers from Competitive Markets Action, the Organization for Competitive Markets, Farm Action, the Alabama Contract Poultry Growers Association, American Grassfed Association, and National Dairy Producers Organization at a September 2023 Farm Bill Summit on Capitol Hill
“We applaud Rep. Mace for joining this important legislation that will bring transparency and accountability to federal crop insurance programs and we call on House Agriculture Committee leaders to include the measure in the upcoming Farm Bill,” said Marty Irby, President at Competitive Markets Action, Board Secretary at the Organization for Competitive Markets. “Federal spending and farm subsidies are at an all-time high and it’s a shame to see the endless flow of taxpayer dollars funneled into the coffers of multi-millionaires while the average American family farmer reaps little to no benefit or reward.”
“One-third of all crop insurance subsidies never make it to farmers, but instead go to massive insurance companies. For the sake of transparency, it's time to shed some light on how these funds are utilized. After all, crop insurance ought to benefit our farmers, not the pockets of big insurance companies and their agents,” said Rep. Norman at the introduction of H.R. 5747.
The Crop Insurance Transparency Act:
Requires the USDA to publicly disclose the names of producers who receive federally subsidized crop insurance, the amount of federal subsidy they received, and the federal portion of indemnities paid toward insured losses;
Requires USDA to publicly disclose the names of private insurance providers that receive federal subsidies, the amount paid to cover company administrative and operating expenses, and the federal portion of indemnities and reinsurance costs.
The Organization for Competitive Markets (OCM) is a 501(c)(3) non-profit based in Lincoln, Nebraska. The foundation of the Organization for Competitive Markets is to fight for competitive markets in agriculture for farmers, ranchers and rural communities. True competition reduces the need for economic regulation. Our mission, and our duty, is to define and advocate the proper role of government in the agricultural economy as a regulator and enforcer of rules necessary for markets that are fair, honest, accessible and competitive for all citizens.
Competitive Markets Action (CMA) is a 501(c)(4) non-profit based in Washington, D.C., that was formed with the mission of shaping policy to promote more regenerative and sustainable agriculture, and competitive markets in the U.S., and to defend against attacks on states’ rights by the federal government. CMA works to raise awareness of the harm caused by multinational conglomerates to the American family farmer, the consumer and our U.S. economy as a whole in an effort to bring about legislative and regulatory reforms.