Thompson, Boozman Highlight $13.8 Billion ARC/PLC Support Under Improved Farm Safety Net

WASHINGTON - House Committee on Agriculture Chairman Glenn "GT" Thompson (PA-15) and Senate Committee on Agriculture, Nutrition, and Forestry Chairman John Boozman (R-AR) championed vital investments of $13.8 billion in the farm safety net improvements through the Working Families Tax Cuts that are now being administered by the Farm Service Agency. They issued the following statement as farm families are experiencing the benefits delivered with improvements to the Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) including increased reference prices, modernized payment limitations, and the allocation of 30 million new base acres.

"Farming is an inherently risky business. America's producers need adequate risk management tools that deliver certainty and predictability to continue growing our food and fiber. After years of operating under an outdated farm safety net, congressional Republicans delivered enhanced policies to protect and manage against market volatility and diminished yields. The ARC and PLC payments farmers are receiving this month are critical to supporting our hardworking farm families, strengthening the stability of the industry and planning for a future in farming."

These updates are the first meaningful investments to the farm safety net since 2002. Republicans' Working Families Tax Cuts will provide $13.8 billion in ARC/PLC support, more than double what farmers were expected to receive before these changes.

Implementation for improvements to ARC and PLC follows the U.S. Department of Agriculture's implementation of other Working Families Tax Cuts provisions, including expanded access to and eligibility for standing disaster programs including the Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish Program (ELAP) and Livestock Forage Program (LFP), in addition to making crop insurance more affordable.