Two pieces of legislation have been introduced that would cut the premium subsidy for crop insurance.

Sen. Flake (R-Ariz.) and Rep. Duncan (R-Tenn.) introduced “The Crop Insurance Subsidy Reduction Act of 2013.” The lawmakers announced their legislation at an event hosted by the Environmental Working Group (EWG).

If enacted, the legislation would reduce premium subsidy levels to those before the Agriculture Risk Protection Act was passed in 2000. The Congressional Budget Office estimates the bill would save $40.1 billion dollars over 10 years.

“The current U.S. fiscal crisis makes a strong argument for a commonsense roll back of crop insurance subsidies,” Sen. Flake said. “I’m proud to have the support of Congressman Duncan in introducing this legislation, which offers an opportunity to have taxpayer-funded federal farm subsidies more realistically reflect our current fiscal situation.”

Rep. Duncan said, “The crop insurance program has turned into a huge taxpayer-funded boon for some of the biggest, multi-national insurance companies and multi-millionaire farmers. In a time of record deficits and an incomprehensible $16.5 trillion in debt, this program can no longer be justified in its current form.

“Senator Flake and I have joined together to offer a common sense reform that shields taxpayers and protects family farms.”

In addition to the EWG, the legislation is supported by a host of small government/tax focused advocacy groups.