Washington, D.C (May 18, 2018)
—Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the failure of the House to pass the Agriculture and Nutrition Act of 2018 (H.R. 2).
“ICBA recognizes there are many differences of opinion regarding the current farm bill legislation and that non-related issues have also played a factor in today’s defeat of H.R. 2. However, ICBA urges Congress to continue working on the bill to keep the process moving forward.
“Due to a fifth straight year of declining net farm income, which has fallen by more than 50 percent since 2013, the agricultural economy is challenging and fragile. A new farm bill to replace the bill expiring Sept. 30 is needed to provide financial stability to rural America and to support the efforts of community banks to continue financing our farmers, ranchers and rural communities.
“ICBA and community bankers call on Congress to continue their work on a new farm bill that includes a strong commodity title and robust funding for the crop insurance program without harmful changes that reduce premium assistance to producers, restrict participation or harm private-sector delivery. We also continue urging enhancement of USDA guaranteed farm loan and rural development programs and oppose expansion of the Farm Credit System, a government-sponsored enterprise with enormous tax and funding advantages over community banks.
“ICBA and the nation’s community bankers will work with Congress to advance these priorities as the debate continues.”
For more information, view ICBA’s farm bill infographic and “Focus on Farm Policy” white paper.
The Independent Community Bankers of America®, the nation’s voice for nearly 5,700 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.