[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4353 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 4353

To amend the Federal Crop Insurance Act to modify a provision relating 
                  to quality loss adjustment coverage.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 16, 2024

  Mr. Kennedy 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 modify a provision relating 
                  to quality loss adjustment coverage.

    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 ``Quality Loss Adjustment Improvement 
for Farmers Act''.

SEC. 2. QUALITY LOSS ADJUSTMENT COVERAGE.

    Section 508(m) of the Federal Crop Insurance Act (7 U.S.C. 1508(m)) 
is amended--
            (1) in paragraph (3)--
                    (A) by striking subparagraph (A) and inserting the 
                following:
                    ``(A) Periodic review.--Beginning in calendar year 
                2024, and once every 5 years thereafter, the 
                Corporation shall contract with a qualified person to 
                conduct a review of the quality loss adjustment 
                procedures of the Corporation, each of which shall be 
                completed not later than 1 year after the date of 
                commencement of the review.'';
                    (B) in subparagraph (B), by striking ``Effective 
                beginning not later than the 2004 reinsurance year, 
                based on the review, the Corporation'' and inserting 
                ``Based on each review conducted under subparagraph 
                (A), the Corporation'';
                    (C) by redesignating subparagraph (B) as 
                subparagraph (C);
                    (D) by inserting after subparagraph (A) the 
                following:
                    ``(B) Stakeholder engagement.--Each review under 
                subparagraph (A) shall include engagement from 
                regionally diverse industry stakeholders for each 
                agricultural commodity for which a quality loss 
                adjustment is offered.''; and
                    (E) by adding at the end the following:
                    ``(D) Report.--On the completion of each review 
                under subparagraph (A), the Corporation shall submit to 
                the Committee on Agriculture, Nutrition, and Forestry 
                of the Senate and the Committee on Agriculture of the 
                House of Representatives a report that describes--
                            ``(i) findings from that review;
                            ``(ii) changes to the quality loss 
                        adjustment procedures; and
                            ``(iii) the stakeholder engagement for that 
                        review under subparagraph (B).''; and
            (2) by adding at the end the following:
            ``(7) Regional discount factors for soybeans.--
                    ``(A) Definition of covered declaration.--In this 
                paragraph, the term `covered declaration' means--
                            ``(i) a disaster declaration by the 
                        Secretary;
                            ``(ii) a major disaster declared by the 
                        President under section 401 of the Robert T. 
                        Stafford Disaster Relief and Emergency 
                        Assistance Act (42 U.S.C. 5170); and
                            ``(iii) an emergency declared by the 
                        President under section 501 of that Act (42 
                        U.S.C. 5191).
                    ``(B) Discount factor.--In the event of a covered 
                declaration for a State or region, or the occurrence of 
                a salvage market for soybeans in a State or region, the 
                Corporation shall establish a State or regional 
                discount factor, as applicable, to reflect the average 
                quality discounts applied to the local or regional 
                market prices of the soybean crop.
                    ``(C) Reporting requirement.--Any State or regional 
                discount factor established under subparagraph (B) 
                shall be included in--
                            ``(i) the applicable periodic review 
                        conducted under paragraph (3)(A); and
                            ``(ii) the report described in paragraph 
                        (3)(D).''.
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