Bill could provide new type of farm savings accounts

March 13, 2013 12:00:00 AM PDT
A new senate bill is expected to give dairy producers the ability to invest in farm savings accounts.

The accounts would be similar to a 401K account, and would give producers a new tool to manage increased demand while providing a safety next for volatile market downturns.

The dairy industry has been struggling to recover from the 2009 crash in milk prices which affected many dairy producers -- especially those with a large overhead cost.

The bill was introduced last week and has now been referred to the Senate Finance Committee.