Bill Summary
The Livestock Indemnity Program Improvement Act of 2024 is a bill that requires the Secretary of Agriculture to regularly update the payment rates for the Livestock Indemnity Program to reflect current market prices. This is to ensure that farmers and ranchers receive fair compensation for their livestock in the event of death or injury. The Act also mandates that the Secretary work with the Agricultural Marketing Service and use other resources to determine the market value of livestock on a quarterly basis.
Possible Impacts
1. The Livestock Indemnity Program Improvement Act of 2024 could benefit livestock producers by requiring the Secretary of Agriculture to provide regular updates on Livestock Indemnity Program payment rates to accurately reflect market prices. This could potentially result in higher payments for those who have suffered losses due to natural disasters or other covered events.
2. The amendment to Section 1501(b)(2) of the Agricultural Act of 2014 could affect the budget and funding for the Livestock Indemnity Program. By requiring quarterly updates on market values, the program may need to adjust its budget accordingly, which could potentially impact the amount of assistance available to producers.
3. The Livestock Indemnity Program Improvement Act of 2024 may also have an impact on the role of the Administrator of the Agricultural Marketing Service. The Secretary of Agriculture will now need to coordinate with the Administrator in determining market values for livestock, potentially changing the responsibilities and workload of this agency.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4019 Introduced in Senate (IS)]
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118th CONGRESS
2d Session
S. 4019
To require the Secretary of Agriculture to provide regular updates to
Livestock Indemnity Program payment rates to reflect market prices, and
for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 21, 2024
Mr. Rounds (for himself and Ms. Klobuchar) introduced the following
bill; which was read twice and referred to the Committee on
Agriculture, Nutrition, and Forestry
_______________________________________________________________________
A BILL
To require the Secretary of Agriculture to provide regular updates to
Livestock Indemnity Program payment rates to reflect market prices, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Livestock Indemnity Program
Improvement Act of 2024''.
SEC. 2. LIVESTOCK INDEMNITY PAYMENTS.
Section 1501(b)(2) of the Agricultural Act of 2014 (7 U.S.C.
9081(b)(2)) is amended--
(1) by redesignating subparagraphs (A) and (B) as clauses
(i) and (ii), respectively, and indenting appropriately;
(2) in the matter preceding clause (i) (as so designated),
by striking ``Indemnity'' and inserting the following:
``(A) In general.--Indemnity''; and
(3) by adding at the end the following:
``(B) Determination of market value.--The Secretary
shall determine the market value described in
subparagraph (A)--
``(i) in coordination with the
Administrator of the Agricultural Marketing
Service;
``(ii) using other appropriate resources,
as determined by the Secretary; and
``(iii) on a quarterly basis.''.
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