Federal Grain Insurance Act

Federal Grain Insurance Act - Establishes within the Department of Agriculture a Federal Grain Insurance Corporation, with a capital stock of $50,000,000, subscribed to by the United States of America, for the purpose of insuring producers of grain dealing with a corporation member, which is in the business of buying or storing grain, against loss due to the failure of such member to make proper payment for such grain.

Authorizes the Corporation to borrow from the Treasury of the United States such funds as in the judgment of the Corporation's Board of Directors are needed for insurance purposes not exceeding in the aggregate $200,000,000.

Directs the Corporation to establish a Grain Insurance Fund of $50,000,000 for the payment of valid claims for producer originated grain insured under this Act. Limits such payments to $25,000 for any one producer with any one member.

Specifies eligibility requirements for parties seeking membership in the Corporation. Sets forth criminal penalties for specified violations of this Act.