Farm Production Protection Corporation Act of 1979 - Repeals the Federal Crop Insurance Act. Establishes, within the Department of Agriculture, the Farm Production Protection Corporation, with a capital stock of $300,000,000 subscribed by the United States of America. Empowers such Corporation to protect producers of agricultural products against loss of production cost due to unavoidable natural causes.
Establishes in the Treasury of the United States the Agricultural Disaster Relief Fund, which the Corporation may charge to: (1) cover the part of claims in excess of premium income whenever such claims involve catastrophic production losses in an area; and (2) reimburse the Corporation for administrative and operating expenses, interest, and the direct costs of loss adjustments incurred in paying claims for catastrophic production losses.
Introduced in Senate
Referred to Senate Committee on Agriculture, Nutrition and Forestry.
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