A bill to establish a Federal Grain Storage Insurance Corporation to protect farmers who store grain in certain warehouses against losses caused by the insolvency of such warehouses, and for other purposes.
Federal Grain Storage Insurance Act of 1983 - Establishes a Federal Grain Storage Insurance Corporation in the Department of Agriculture. Requires that a majority of the Corporation's Board be active farmers. Sets forth other administrative and operating provisions.
Authorizes the Corporation to borrow up to $250,000,000 from the Treasury.
Establishes a farmer-financed Grain Storage Insurance Fund in the Treasury.
Sets forth provisions regarding: (1) grain insurance; (2) warehouse certification; and (3) criminal penalties.
Makes such program effective if approved in a producer referendum to be held within 60 days.
Introduced in Senate
Read twice and referred to the Committee on Agriculture.
Committee on Agriculture. Hearings held. Hearings printed: S.Hrg. 98-120.
Committee on Agriculture requested executive comment from Agriculture Department.
Referred to Subcommittee on Agricultural Production.
Committee on Agriculture received executive comment from Agriculture Department. Unfavorable.
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