“Crop insurance is the cornerstone of most farmers’ risk management portfolios,” the coalition wrote. “After a very challenging 2011 crop year, and with increasing demands for food, fiber, feed and fuel worldwide, it makes little sense to reverse the great progress
Efforts to weaken the crop insurance program will ultimately hurt small producers because higher rates will drive producers from the program, which will lead to fewer premium dollars paid in to support it. The crop insurance program has already had billions of dollars in cuts in recent years.
Farmers do not receive subsidy checks for crop insurance but rather receive discounts on the checks they write to pay premiums and buy insurance from private sector providers. Producers often pay premiums for years without collecting anything and only receive payments in the event of a loss.
In addition to proposed crop insurance cuts, ICBA also opposes amendments to reimpose term limits or restrict access to
For more information and to read the coalition letter, visit http://www.icba.org.
The Independent Community Bankers of America®, the nation’s voice for more than 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit http://www.icba.org.
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