Producers Hone in On Farm Bill Audits and Legislation for Financial Regulation

House Ag Committee Chairman Frank Lucas began a series of farm program audit hearings at the end of June - saying every program will be on the table for review. The ag subcommittees will be looking at program inefficiencies and market relevancy as they try to do more with less taxpayer money in the next Farm Bill. The first audit hearing for the Federal Crop Insurance Program was held by House Ag Subcommittee on General Farm Commodities and Risk Management Chair Michael Conaway. National Farmers Organization Ag Policy Analyst Gene Paul says major cost savings in crop insurance occurred last year - and his group supports maintaining the status quo in that program.

The group also believes greater market regulation is warranted. Paul says with ag market volatility the norm in recent years - it is becoming increasingly important that the system is open, transparent and not overloaded with speculators. There’s a current resolution to restore the Glass Steagall Act - an amendment that has been in place for the past 80 years. The resolution provides strict separation of commercial and investment banking - which could help secure the nation’s financial system. Paul says these issues are important to farmers.

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