110-H.AMDT.708 to 110-H.R.2419

Amendment sought to replace the current daily posted county prices (PCPs) used for determing loan deficiency payment rates and repayment rates for marketing assistance loans with a monthly PCP for each crop.

H.AMDT.708(A009)
Amends: H.R.2419
Sponsor: Rep Boehner, John A. [OH-8](offered 7/27/2007)

AMENDMENT DESCRIPTION:
Amendment sought to replace the current daily posted county prices (PCPs) used for determing loan deficiency payment rates and repayment rates for marketing assistance loans with a monthly PCP for each crop.

AMENDMENT PURPOSE:
An amendment numbered 13 printed in Part B of House Report 110-261 to replace the current daily posted county prices (PCPs) used for determing loan deficiency payment rates and repayment rates for marketing assistance loans with a monthly PCP for each crop. It would revise requirements for establishing a producer`s loan deficiency payment (LDP) and loan repayment rate to be based on the month that beneficial interest is lost. The amendment aims to address farmers taking advantage of short-term market events to lock in artificially high loan deficiency payments, while actually selling the commodity later at prices well above loan rate.

STATUS:

    7/27/2007 9:57am:
    Amendment (A009) offered by Mr. Boehner. (consideration: CR H8755-8757, H8776; text: CR H8755-8756)
    7/27/2007 12:58pm:
    On agreeing to the Boehner amendment (A009) Failed by recorded vote: 153 - 271 (Roll no. 750).

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