Federal Crop Insurance Act of 1980

[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. Requires the Secretary of Agriculture to appoint three active farmers, 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, and states that all suits against the Corporation shall be tried by the court without a jury. Authorizes the Board of Directors to contract with private companies in the administration of the Federal crop insurance program. Eliminates the limitation of reinsurance to 20 selected counties. Requires the Corporation to offer lesser levels of yield coverage than the stand…