Exclusion for Deficit Reduction in Agricultural Subsidies Elimination Act

Bill: 114-s-1442
Sponsor: full_name: Sen. Flake, Jeff [R-AZ]
Introduced: 2015-05-21
Policy area: Agriculture and Food
Subjects: Agricultural insurance

Budget deficits and national debt
Latest action: action_date: 2015-05-21
text: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:
action_date: 2015-05-21
action_desc: Introduced in Senate
text: <p><b>Exclusion for Deficit Reduction in Agricultural Subsidies Elimination Act or the ERASE Act </b></p> <p>This bill amends the Federal Crop Insurance Act to eliminate a requirement that any renegotiated Standard Insurance Agreement (SRA) be budget neutral. </p> <p>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. </p> <p>Eliminating the budget neutrality requirement permits USDA to use the renegotiation of the SRA to achieve savings. </p>

tv_txt: II 114th CONGRESS 1st Session S. 1442 IN THE SENATE OF THE UNITED STATES May 21, 2015 Mr. Flake (for himself and Mr. Booker ) 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 strike a provision relating to the budget neutrality of any renegotiated Standard Reinsurance Agreement.

1. Short title This Act may be cited as the Exclusion for Deficit Reduction in Agricultural Subsidies Elimination Act or the ERASE Act . 2. Renegotiation of Standard Reinsurance Agreement Section 508(k)(8) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(k)(8) ) is amended by striking subparagraph (F).