Legislation has been reintroduced in the Senate and House to eliminate a crop insurance plan known as the Harvest Price Option. Environmental Working Group Senior Vice President Scott Faber says his group backs the measure. He says under the HPO, an indemnity is paid to farmers at the time of harvest rather than at planting time. Faber says the bill allows the policy to be available but farmers would have to pick up the cost.
He says the legislation still preserves traditional crop insurance as a needed safety net for farmers but would end up saving taxpayers money.
Faber says Senate bill sponsors, Jeff Flake of Arizona and Jeanne Shaheen of New Jersey want the basic crop insurance program kept but want to provide a positive impact on the federal deficit.
The Senators say their legislation has the potential to save taxpayers $21 Billion.
