this bill makes significant reforms of our Nation's longstanding agricultural policy. Farmers will no longer be forced to plant the same crops year after year to receive assistance, allowing for greater crop rotation and flexibility. Farmers will be able to make planting decisions which are in their own economic interest. I am pleased that this farm bill retains the same operating provisions of the successful Marketing Loan Program which were contained in current law. This program has proven to be greatly beneficial for commodities such as cotton and rice. The Marketing Loan Program continues to achieve the objectives of minimizing forfeitures, the accumulation of stocks, and government costs while promoting competitive marketing in domestic and international markets. In order to maintain consistency in the operation of this program, it is the intention of the managers of this conference report that the Secretary of Agriculture extend the provisions of current regulations governing entry into the marketing loan and establishment of the repayment rate. Also, it is the intention that the Secretary of Agriculture continue to establish the prevailing world price for upland cotton in the same manner utilized for the 1991 through 1995 crops. This farm bill preserves and enhances many of our successful environmental and conservation programs.
Editor's note · Context
Discussing reforms in agricultural policy and the Marketing Loan Program during a floor speech.
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