Market News & Headlines >> Farm Bill Headed to Trump
The new five-year farm bill is headed to President Trump for signing after the U.S. House of Representatives on Wednesday afternoon passed the compromise legislation by a vote of 369 to 47.
The U.S. Senate had earlier voted 87 to 13 in favor of the legislation on Tuesday night. House and Senate negotiators reached agreement on the farm bill Monday night, ending months of debate.
Notably missing from the final bill are proposed tighter work requirements for food stamp recipients that were backed by President Trump and contained in the House version of the bill. However, House measures aimed at preventing fraud and duplication were retained.
The final farm bill includes some changes to the Agricultural Risk Coverage (ARC) and Price Loss Coverage (PLC) programs and raises marketing loan rates for most commodities. The bill maintains the current individual limit of $125,000 on commodity program payments, but expands eligibility for those payments to include nephews, nieces and cousins.
"While I feel there were missed opportunities in forest management and in improving work requirements for certain SNAP recipients, this bill does include several helpful provisions," Agriculture Secretary Sonny Perdue said in a statement, referring to the Supplemental Nutrition Assistance (food stamp) Program.
"I commend Congress for bringing the farm bill across the finish line and am encouraging President Trump to sign it."