S. 2458 — Introduced in Senate

II 118th CONGRESS 1st Session S. 2458 IN THE SENATE OF THE UNITED STATES July 25, 2023Ms. Klobuchar (for herself and Mr. Thune) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Federal Crop Insurance Act to promote crop insurance support for beginning farmers and ranchers, and for other purposes. 1. Short title This Act may be cited as the Crop Insurance for Future Farmers Act of 2023. 2. Crop insurance support for beginning farmers and ranchers (a) Definition of beginning farmer or rancher (1) In general Section 502(b)(3) of the Federal Crop Insurance Act (7 U.S.C. 1502(b)(3)) is amended by striking 5 and inserting 10. (2) Conforming amendment Section 522(c)(7) of the Federal Crop Insurance Act (7 U.S.C. 1522(c)(7)) is amended by striking subparagraph (F). (b) Increase in assistance Section 508(e)(8) of the Federal Crop Insurance Act (7 U.S.C. 1508(e)(8)) is amended— (1) by striking Notwithstanding and inserting the following: (A) In general Notwithstanding ; (2) in subparagraph (A) (as so designated), by striking is 10 percentage points greater than and inserting is the amount of percentage points specified in subparagraph (B) greater than; and (3) by adding at the end the following: (B) Percentage points adjustments The percentage points referred to in subparagraph (A) are the following: (i) For each of the first and second reinsurance years that a beginning farmer or rancher participates as a beginning farmer or rancher in the applicable policy or plan of insurance, 15 percentage points. (ii) For the third reinsurance year that a beginning farmer or rancher participates as a beginning farmer or rancher in the applicable policy or plan of insurance, 13 percentage points. (iii) For the fourth reinsurance year that a beginning farmer or rancher participates as a beginning farmer or rancher in the applicable policy or plan of insurance, 11 percentage points. (iv) For each of the fifth through tenth reinsurance years that a beginning farmer or rancher participates as a beginning farmer or rancher in the applicable policy or plan of insurance, 10 percentage points. .