Earl Pomeroy: “Some quick facts: the insurance industry operates in this country under an antitrust exemption. It was passed into law…”

“Some quick facts: the insurance industry operates in this country under an antitrust exemption. It was passed into law in 1945 in the McCarron-Ferguson Act. But for a relatively recent interpretation of the Department of Justice, in constant negotiation, the Federal Government to the private sector partner has always been conducted under the way anticipated under the bill. Twenty years ago I was a State insurance commissioner. At that time there were more than 60 companies writing crop insurance. Now they are down to 16. Why is that? Because there is so doggone much money here? Heck, no. It's because it's a tough line of business to work. I am not saying that we don't need to look at it, but the committee takes out $2.9 billion, and now we got a guy that thinks he knows we can take out billions more. I tell you, you take out billions more, my farmers don't have the vital risk protection they need when crops fail and they need to make the payment back to the banker on their loans. So this is serious stuff. This isn't an academic exercise. This is vital risk protection for the farmers. Vote ``no'' on this amendment.”