Exclusion for Deficit Reduction in Agricultural Subsidies Elimination Act or the ERASE Act
This bill amends the Federal Crop Insurance Act to eliminate a requirement that any renegotiated Standard Insurance Agreement (SRA) be budget neutral.
The SRA is an agreement between the Department of Agriculture (USDA) and the private companies that administer the federal crop insurance program. It specifies details such as administrative and operating expense reimbursements and risk sharing between USDA and the companies in the operation of the program.
Eliminating the budget neutrality requirement permits USDA to use the renegotiation of the SRA to achieve savings.
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