The AFFIRM Act of 2024 seeks to reduce federal spending on crop insurance and increase transparency in the program. The bill requires the Department of Agriculture to publicly disclose annual information about which farmers and agricultural entities receive federal crop insurance subsidies and how much they receive, with limited exceptions for catastrophic coverage. The legislation also establishes new limits on who can receive premium subsidies, capping them at $40,000 per person annually and barring individuals and entities with average adjusted gross income exceeding $250,000 from receiving additional coverage subsidies. The bill further restricts subsidies for harvest price policies starting in 2024 and caps insurance companies' average rate of return at 8.9 percent while limiting their administrative cost reimbursements to $900 million annually beginning in 2024, with adjustments for inflation in subsequent years. These changes aim to make the federal crop insurance program more efficient and equitable while reducing its overall cost to taxpayers.
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