Findley payments

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Findley payments were created under the Findley Provision in the 1985 Food Security Act, proposed by Illinois Representative Paul Findley. The rule let the USDA lower the basic nonrecourse loan rate for major crops by up to 20% if doing so helped U.S. farmers compete abroad. When the loan rate was cut, producers received direct payments equal to the amount of the reduction. The payments were capped at $200,000 per person and were paid in addition to other deficiency payments. The Findley provisions were later replaced by the marketing loan repayment rules in the 1996 farm bill.