This bill would change how quality loss adjustment (QLA) coverage is reviewed and how soybean quality discounts are handled.
Starting in calendar year 2025, and once every 5 years after that, the Corporation must hire a qualified person to review its quality loss adjustment procedures. Each review must finish within 1 year after it starts. Each review must include input from regionally diverse industry stakeholders for every agricultural commodity that has QLA. When a review is finished, the Corporation must give a report to the Senate Committee on Agriculture, Nutrition, and Forestry and the House Committee on Agriculture that describes the review findings, any changes to QLA procedures, and the stakeholder input.
The bill also adds a rule about regional discount factors for soybeans. It defines a "covered declaration" as one of: (i) a disaster declaration by the Secretary; (ii) a major disaster declared by the President under section 401 of the Stafford Act (42 U.S.C. 5170); or (iii) an emergency declared by the President under section 501 of that Act (42 U.S.C. 5191). If there is a covered declaration for a State or region, or if a salvage market for soybeans occurs in a State or region, the Corporation must set a State or regional discount factor to reflect the average quality discounts applied to local or regional soybean market prices. Any discount factor set must be included in the periodic review and the report described above.
No publicly available information on costs, budgetary effects, or required funding is included in the bill text or metadata.
No publicly available information on proponents' stated positions or arguments is included in the bill text or metadata.
No publicly available information on opponents' stated positions or arguments is included in the bill text or metadata.