A bill to amend the Federal Crop Insurance Act to establish an independent corporation to carry out the purposes of such act, to provide for more extensive commodity coverage under such act.

[AI summary unavailable — showing source text] Renames the Federal Crop Insurance Corporation the Federal Commodity Insurance Corporation. Transfers the functions and duties of the Federal Crop Insurance Corporation and the Secretary of Agriculture under the Federal Crop Insurance Act to the Federal Commodity Insurance Corporation. States that the Corporation shall be managed by a Board of Directors. Sets forth procedures for the appointment of the Board. Extends the existing crop insurance program from coverage of 7 agricultural commodities to coverage of 25 commodities. Authorizes the Corporation to extend insurance to other commodities on the basis of demand for such coverage and the anticipated risk of loss to the Corporation. Directs the Corporation to offer its insurance program in additional counties according to a specified plan. Specifies the percentage of loss of each crop that the Corporation shall offer insurance against. Stipulates that insurance offered by the Corporation shall not cover losses due to the neglect or malfeasance of the producer or the failure of the producer to follow established good production practices. Requires the Corporation to report annually to Congress the results of its operations and to …