USDA rules against Wells Fargo and other crop insurance providers

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According to a story on Businesswire.com, the United States Department of Agriculture will be giving $6 billion less to companies — such as Wells Fargo, among others — that provide crop insurance to farmers. Officials at the agency reportedly said that "administrative costs subsidized by the government would be capped at $1.3 billion ..."

The plan, the result of negotiations that began in December, ensures “a fair and reasonable return” for companies while reducing profits the USDA considers excessive, Agriculture Secretary Tom Vilsack told reporters Thursday in Washington. “We have the framework for a stronger program.”

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