A bill to amend the Federal Crop Insurance Act to establish an independent corporation to carry out the purposes of such act, to provide for more extensive commodity coverage under such act.

Renames the Federal Crop Insurance Corporation the Federal Commodity Insurance Corporation. Transfers the functions and duties of the Federal Crop Insurance Corporation and the Secretary of Agriculture under the Federal Crop Insurance Act to the Federal Commodity Insurance Corporation.

States that the Corporation shall be managed by a Board of Directors. Sets forth procedures for the appointment of the Board.

Extends the existing crop insurance program from coverage of 7 agricultural commodities to coverage of 25 commodities. Authorizes the Corporation to extend insurance to other commodities on the basis of demand for such coverage and the anticipated risk of loss to the Corporation. Directs the Corporation to offer its insurance program in additional counties according to a specified plan.

Specifies the percentage of loss of each crop that the Corporation shall offer insurance against.

Stipulates that insurance offered by the Corporation shall not cover losses due to the neglect or malfeasance of the producer or the failure of the producer to follow established good production practices.

Requires the Corporation to report annually to Congress the results of its operations and to include in such report a list of all agricultural commodities for which insurance has been requested but which are not insured by the Corporation, and a list of all counties for which insurance has been requested but which are not covered by the Corporation.

Authorizes to be appropriated for fiscal year 1976, and each fiscal year thereafter, a sum not to exceed $20,000,000 or an amount equal to 2.3 percent of the total insurance liability assumed by the Corporation in the immediately preceding fiscal year, whichever amount is greater, as may be necessary to cover the operating and administrative costs of the Corporation.