7 USC 6933 – Office of Risk Management
(a) Establishment
The Secretary shall establish and maintain in the Department an independent Office of Risk Management.
(b) Functions of Office of Risk Management
Terms Used In 7 USC 6933
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Oversight: Committee review of the activities of a Federal agency or program.
The Office of Risk Management shall have jurisdiction over the following functions:
(1) Supervision of the Federal Crop Insurance Corporation.
(2) Administration and oversight of all aspects, including delivery through local offices of the Department, of all programs authorized under the Federal Crop Insurance Act (7 U.S.C. 1501 et seq.).
(3) Any pilot or other programs involving revenue insurance, risk management savings accounts, or the use of the futures market to manage risk and support farm income that may be established under the Federal Crop Insurance Act or other law.
(4) Such other functions as the Secretary considers appropriate.
(c) Administrator
(1) Appointment
The Office of Risk Management shall be headed by an Administrator who shall be appointed by the Secretary.
(2) Manager
The Administrator of the Office of Risk Management shall also serve as Manager of the Federal Crop Insurance Corporation.
(d) Resources
(1) Functional coordination
Certain functions of the Office of Risk Management, such as human resources, public affairs, and legislative affairs, may be provided by a consolidation of such functions under the Under Secretary of Agriculture for Farm Production and Conservation.
(2) Minimum provisions
Notwithstanding paragraph (1) or any other provision of law or order of the Secretary, the Secretary shall provide the Office of Risk Management with human and capital resources sufficient for the Office to carry out its functions in a timely and efficient manner.