TeachMeFinance.com - explain Findley payments
Findley payments The term 'Findley payments ' as it applies to the area of agriculture can be defined as ' Under the so-called Findley Provision authorized by the Food Security Act of 1985 (and first sponsored by former Congressman Paul Findley), USDA was able to reduce the basic, formula-set nonrecourse loan rate for major crops by up to an additional 20% if that was necessary to keep the United States competitive in international markets. If done, direct compensatory payments were made to producers equal to the amount of the loan rate reduction. These 'Findley Payments,' limited to $200,000 per person, essentially added to the larger direct deficiency payment. The Findley provisions are superseded by the marketing loan repayment provisions of the FAIR Act of 1996'.
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