Federal Crop Insurance Act of 1979

[AI summary unavailable — showing source text] Federal Crop Insurance Act of 1979 - Amends the Federal Crop Insurance Act to increase the capital stock of the Federal Crop Insurance Corporation from $200,000,000 to $500,000,000. Directs the Secretary of the Treasury to cancel, without consideration, receipts for payments for or on account of the stock of the Corporation outstanding on the date of enactment of this Act, and states that such receipts shall cease to be liabilities of the Corporation. Requires the Secretary of Agriculture to appoint two policyholding active farmers, from different geographic areas of the United States, who are not otherwise employed by the Federal Government, to the Corporation's Board of Directors. Increases the maximum compensation of Board members not otherwise employed by the Government to no greater than the daily rate for GS-18. Removes State court jurisdiction and grants exclusive jurisdiction to Federal district courts of all suits brought by or against the Corporation. Authorizes the Corporation to conduct pilot projects relating to specified agriculture-related risks and losses. Authorizes the Board of Directors to use private insurance companies in the administration of the Federal crop …