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Fairer Compensation for Farmers: Quarterly Livestock Indemnity Price Updates.

This bill improves the Livestock Indemnity Program (LIP), which compensates farmers for livestock losses due to severe weather or wildlife attacks. It mandates that the Secretary of Agriculture update indemnity payment rates quarterly to accurately reflect current market prices. This ensures that producers receive more timely and fair financial support corresponding to their actual economic losses.
Key points
Compensation payments for lost livestock (e.g., due to floods or disease) will now be based on current market values, rather than outdated figures.
The Department of Agriculture must update these market values every three months (quarterly), ensuring faster response to price changes and more accurate payouts.
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Expired
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Additional Information
Print number: 118_S_4019
Sponsor: Sen. Rounds, Mike [R-SD]
Process start date: 2024-03-21
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Livestock Indemnity Program Improvement Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4019.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-03-21.

What are the main provisions?

Key points include:

  • Compensation payments for lost livestock (e.g., due to floods or disease) will now be based on current market values, rather than outdated figures.
  • The Department of Agriculture must update these market values every three months (quarterly), ensuring faster response to price changes and more accurate payouts.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Rounds, Mike [R-SD].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Agriculture Benefits