Farm Bill extended for one year
The 2018 version of the farm bill was extended for another year by Congress and President Biden. The Farm bill is responsible for funding crop insurance, nutrition assistance, conservation programs and more. This extension will allow funding to remain in place as lawmakers work towards an agreement on the newest version of the bill.
A new version of the farm bill is typically passed every five years, with updates to reflect the change in economic environment faced by farmers. The current farm bill was passed prior to the COVID-19 pandemic, as well as being prior to the drastic inflation that has been increasing input costs associated with farming practices. Updates to reflect the current market will be essential in providing support for farmers who need that safety net, as well as applying assistance to other needed programs throughout the country.
Crop insurance, and other programs related to farmer support are included in the farm bill to encourage farmers to stay in business through years that are less than ideal. Rather than to be knocked out by a particularly harsh growing season, it provides the opportunity for financial recovery. Fewer people are pursuing farming as a profession, therefore making it essential to global food security that those that are in business remain so to the largest extent possible.
The farm bill is responsible for more than the crop insurance that provides a less volatile environment for farmers. It is also responsible for funding the Supplemental Nutrition Assistance Program, or SNAP, which is utilized by a large portion of people around the country. In fact, roughly 80% of the funding resulting from the farm bill goes to federal nutritional assistance programs whereas about 20% goes to farm and ranch subsidies. The bill is also responsible for funding research projects and provides monetary support for programs for current issues such as feral hog eradication.
The extension will now put the deadline for approving a new farm bill to the end of 2024, providing more time for lawmakers to debate and agree upon various components that must be updated. Providing support for farmers is essential to ensure that food security remains amidst increased difficulty in production, as well as rising input costs.