Agricultural Outlook, April 1996. Special Supplement: Provisions of the 1996 FarmBill

摘要

After the longest farm bill debate in U.S. history, the Federal AgriculturalImprovement and Reform (FAIR) Act of 1996 became law on April 4, 1996, significantly changing U.S. agricultural policy. The new Farm Act (P.L. 104-127) removes the link between income support payments and farm prices by providing for seven annual fixed but declining 'production flexibility contract payments' whereby participating producers may receive government payments largely independent of farm prices, in contrast to the past when deficiency payments were dependent on farm prices.