Federal Crop Insurance Act

Federal Crop Insurance Act - Amends the Federal Crop Insurance Act to: (1) increase the capital stock of the Federal Crop Insurance Corporation from $200,000,000 to $500,000,000; (2) put the compensation basis for members of the Board of Directors and of the Advisory Committee at the GS-18 level; (3) eliminate separate county committees on crop insurance; (4) extend insurance coverage for the crop year 1980 and thereafter to all feed grains, rice, soybeans, sugar beets and sugarcane wherever grown commercially; (5) remove the limit on the number of counties where insurance may be offered; (6) require the Federal Government to pay one-third of each calculated premium assessed against a participant by the Corporation; (7) authorize reinsurance of multiple peril crop insurance risks in not to exceed 20 counties; (8) authorize increased appropriation levels for fiscal years 1979 and following; and (9) direct the Secretary of Agriculture to assess the potential for increasing the role of private enterprise in providing crop insurance coverage for agricultural producers.