Section 1 Short title
This Act may be cited as the “Livestock Indemnity Program Improvement Act of 2024”.
Livestock Indemnity Program Improvement Act of 2024
A BILL
To require the Secretary of Agriculture to provide regular updates to Livestock Indemnity Program payment rates to reflect market prices, and for other purposes.
Sec. 2 Livestock indemnity payments
Section 1501(b)(2) of the Agricultural Act of 2014 (7 U.S.C. 9081(b)(2)) is amended—
by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively, and indenting appropriately;
in the matter preceding clause (i) (as so designated), by striking “Indemnity” and inserting the following:
“(A) In general—Indemnity”
by adding at the end the following:
“(B) Determination of market value—The Secretary shall determine the market value described in subparagraph (A)—
“(i) in coordination with the Administrator of the Agricultural Marketing Service;
“(ii) using other appropriate resources, as determined by the Secretary; and
“(iii) on a quarterly basis.”