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Fcic Essay

  • Submitted by: Thedoctor
  • on March 1, 2011
  • Category: History
  • Length: 806 words

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Below is an essay on "Fcic" from Anti Essays, your source for research papers, essays, and term paper examples.

The Federal Crop Insurance Corporation (FCIC) was a new deal that Congress established under the Federal Crop Insurance Act; also known as the Title V of the Agricultural Adjustment Act of 1938. The deal was passed on February 16, 1938, and created in response to the economic difficulties brought to the U.S. farming industry by the Great Depression and the weather-related catastrophe of the Dust Bowl. On September 26, 1980, the program was expanded through Public Law 96-365, thus providing U.S. farmers and agricultural entities with crop insurance protection. This then marked the United States in becoming the first nation to extend crop insurance to the farmers of America. And then, Secretary of Agriculture Henry A. Wallace, championed crop insurance not only as a means of reducing farmers' economic risk, but as also a way to stabilize grain supplies and promote what Wallace called an ever-normal granary.

 Acting upon the committee's recommendation, Congress created the FCIC within the Department of Agriculture. Congress thus authorized the FCIC to insure 50 to 75 percent of a farmer's average wheat harvest against losses from so called "unavoidable" calamities. These calamities being: drought, flood, hail, wind, winterkill, lightning, tornado, insect infestation, or orplant disease. With, county committees for the Agricultural Adjustment Administration calculating premiums for the program; these Premiums and claims could be paid in wheat or cash, however the FCIC maintained its reserves in grain in order to be able to compensate for changes in wheat prices. Thus planners hoped the program would achieve to even out the grain supply, with the government stockpiling wheat in abundant years when few claims were payable. Also in hopes to selling wheat from its storehouses in years of low harvests and numerous claims which would be of great benifits for both the government and farmers.

 

In the year of 1939, its first year of operation of the deal, the FCIC...

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  • Submitted by: Thedoctor
  • on March 1, 2011
  • Category: History
  • Length: 806 words
  • Views: 383
  • Popularity Rank: 440535
  • 1 rating(s)

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