Summary
Amends the Agricultural Market Transition Act, respecting crop years 2002 through 2008, to provide nonrecourse commodity loans, based upon planted acres and payment yield, up to a specified maximum acreage. Requires conservation and wetlands program compliance. Provides for an annual national and individual loan rate determination. Increases 2002 loan rates for wheat, corn, soybeans, upland cotton, and rice.
States that the national average loan rate for a commodity shall be 80 percent of economic production costs. Makes loan deficiency payments available for eligible producers who forgo such nonrecourse loans.
Establishes loan eligibility income and production limitations.
Amends the Agricultural Act of 1949 to direct the Secretary of Agriculture to establish a Farmer Owned Production Loss Reserve.
Authorizes the Secretary to establish: (1) a Humanitarian Food Assistance Reserve; and (2) a Renewable Energy Reserve.
Discretionary Inventory Management, Program Cost-Containment, and Fiscal Responsibility Act of 2001 - Amends the Federal Agriculture Improvement and Reform Act to authorize the Secretary to establish a voluntary inventory management program for loan commodities, which shall, in a year of projected surpluses, provide increased loan rates for conservation use acreage set-asides.
Lifecycle of the Bill
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