The paper will analyze the performance of the U.S. cotton sector under the Farm Security and Rural Investment Act of 2002 for marketing years 2002/03 through 2005/06. The focus will include planted area, production, and the operation of the program's "safety net" in protecting from production and price risk. The paper will also identify the categories of provisions most likely to generate controversy in the context of the Brazil case and future WTO agreements. The purpose is not to recommend a particular policy direction, but rather to provide a historical context for evaluating legislative changes in the program's framework.