Agency History
FCIC was created by the United States Congress in legislation that passed on February 16, 1938 (7 U.S.C. ยง 1501). The legislation was 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.
Initially, participation in FCIC was voluntary. However, insurance premiums were subsidized by the U.S. government as a means of encouraging participation in the FCIC program. This changed with the Federal Crop Insurance Reform Act of 1994, which required farmers to participate in the program in order to be eligible for deficiency payments related to certain FCIC programs. Mandatory participation was repealed in 1996.
An independent office designed to supervise and monitor FCIC activities was mandated in the Federal Agriculture Improvement and Reform Act of 1996 (P.L.104-127). The Agriculture Risk Protection Act of 2000 (ARPA) made amendments, providing for FCIC to offer a wider selection of insurance-related risk management tools to farmers and agricultural entities.
Read more about this topic: Federal Crop Insurance Corporation
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