This Act may be cited as the Temperature Event Mitigation Policy Act or the TEMP Act.

Section 522(c) of the Federal Crop Insurance Act (7 U.S.C. 1522(c)U.S. Code — Title 7, Section 1522(c)View official source on GovInfo) is amended by adding at the end the following: (20) Frost or cold weather insurance (A) In general The Corporation shall carry out research and development, or offer to enter into 1 or more contracts with 1 or more qualified persons to carry out research and development, regarding an index-based policy to insure crops (including tomatoes, peppers, sugarcane, strawberries, melons, citrus, peaches, blueberries, and any other crop) on a nationally available basis against losses due to a frost or cold weather event. (B) Research and development Research and development under subparagraph (A) shall— (i) evaluate the effectiveness of risk management tools, such as the use of an index, with respect to low frequency and catastrophic loss weather events; and (ii) result in a policy that provides protection for at least 1 of the following: (I) Production loss. (II) Revenue loss. (C) Report Not later than 1 year after the date of enactment of this paragraph, the Corporation shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report that describes— (i) the results of the research and development carried out under this paragraph; and (ii) any recommendations with respect to those results..