MSUcares Home Page Agricultural Economics Home Page	Farm/Rural Policy Current Situation On May 13, 2002, President Bush signed the Farm Security and Rural Investment Act into law. The enactment of the new farm bill was the culmination of nearly two years of often-intense debate regarding the direction of farm policy in this country. Several key provisions of this bill mark a significant departure from the philosophy embodied in Freedom to Farm (the 1996 Farm Bill). Presented here is information about some of the major components of the new farm bill in light of its impact on agriculture in Mississippi and across the Mid-South. Farm Bill Overview The Farm Security and Rural Investment Act (FSRIA) is a six-year farm bill, covering the 2002-07 crop years. The bill represents a significant increase in support for commodity programs, adding $47.7 billion to the agriculture budget baseline. According to the Food and Agricultural Policy Research Institute (FAPRI), crop payments under FSRIA in the first year will increase by $6.65 billion (67%) from what farmers would have received under the 1996 FAIR act (not accounting for any ad hoc payments to supplement those specifically authorized by FAIR). FAPRI estimates that 2002 crop payments in Mississippi will increase by $157.3 million (74%) under FSRIA. Significant crop payment increases are also projected for Louisiana ($140.8 million or 68%) and Arkansas ($243.2 million or 43%). It is important to note, however, that these figures reflect changes from the budget baseline. The levels projected under FSRIA are comparable to previous levels of actual spending when ad hoc emergency payments are taken into account. In addition to increasing budgeted support for commodity programs, FSRIA also funds a $13.2 billion increase in conservation spending. Increased funding levels in both the commodity and conservation titles reflect adjustments to existing programs as well as the introduction of some completely new programs. Return to top of page Frequently Asked Questions What is the Farm Bill? (two formats) Download PowerPoint file or View as PowerPoint presentation within your browser Return to top of page Newsletters and Presentations Agricultural Economic and Policy Perspective Newsletter Presentations: FSRIA Overview (two formats) Download PowerPoint presentation file or View PowerPoint presentation within your browser Program Payments and Base Updating (two formats) Download PowerPoint presentation file View PowerPoint presentation within your browser Representative Farm Analysis (two formats) Download PowerPoint presentation file View PowerPoint presentation within your browser The Conservation Title (two formats) Download PowerPoint presentation file View PowerPoint presentation within your browser Return to top of page Other Information Contacts at MSU's Department of Agricultural Economics USDA Farm Service Agency Farm Bill Information Mississippi Farm Service Agency USDA Natural Resources Conservation Service, Mississippi Agriculture Law Farm Bill Educational Materials from Texas A&M University Risk Management Information at Kansas State University ERS/USDA Farm Bill Information Iowa State University Farm Economics FAPRI at the University of Missouri Farm Service Agency County Loan Rates for 2001/2002 for Program Commodities Farm Foundation 2002 Farm Bill Information Page Return to top of page
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