Washington, D.C. – House and Senate conferees have completed action on crop insurance legislation that includes economic assistance funding for farmers, Senator Thad Cochran (R-MS) announced today.

The bill provides $7 billion in economic assistance for farmers and authorizes $8 billion for crop insurance reform.

The economic assistance program includes $5.4 billion for market loss payments, $500 million in assistance to oilseed producers, and $100 million for cottonseed assistance. An additional $1.1 billion is made available for producers of other crops.

"These funds will help U.S. farmers who continue to suffer from financial distress due to persistently low commodity prices," said Cochran, who is a senior member of the Senate Agriculture Committee.

"This conference agreement will ensure that crop insurance premiums are more affordable and will be very helpful to producers in Mississippi," Cochran added.

The legislation imposes stronger penalties for fraudulent activities, requires coordination of records between the Farm Service Agency and the Risk Management Agency, and provides funding for the development of new crop insurance products.

The Conference Report must be approved by the House and the Senate, before being sent to the President for his signature.