Ag Committee Approves Bipartisan Legislation to Reauthorize and Improve the Commodity Futures Trading Commission
The House Agriculture Committee approved H.R. 4413, the Customer Protection and End-User Relief Act, by voice vote.
Ag Chairman Confirms Financial Commitment to Producers
Payments arrive in producers' hands beginning September 1
Washington, D.C. — House Agriculture Committee Chairman Larry Combest (R-TX) confirmed today that financial help approved by Congress is ready to go to producers as scheduled during September. Anticipating producer needs from multiple years of low market values for crops, Congress directed that producers receive an additional transition payment between September 1 and September 30, equaling their 1999 transition payment. Producers may also lay claim to their regularly scheduled 2000 transition payment under the Agricultural Market Transition Act (AMTA). Delivering the additional $5.466 billion payment through the AMTA structure ensures financial assistance to the greatest number of producers quickly and efficiently, prior to the end of fiscal year 2000.
"With low crop prices and high fuel costs, many producers will not make back the cost of preparing, planting and delivering the work of an entire season," said Combest. "September's additional transition payment delivers on our financial commitment to producers with a timely and meaningful result."
Throughout three years of unprecedented weather and market losses, Congress has directed a total of $21.7 billion in supplemental agricultural assistance to producers.