Farm Income Protection Act

[AI summary unavailable — showing source text] Farm Income Protection Act - Empowers the Secretary of Agriculture, through the Farm Credit Administration, to protect producers of agricultural products against loss of income from sale of farm products up to a maximum of 50 percent of the average annual sales of the most recent five-year period. Authorizes the Secretary (1) to fix premiums and determine and pay claims for and (2) to provide reinsurance to private insurance companies which insure producers of any agricultural commodity. Amends the Federal Crop Insurance Act to require that the maximum guarantee of production to be provided for any crop insured shall not exceed 75 percent of the average of not less than five years annual yield of all the acres in the farm unit for each crop.…