ICBA expressed opposition to the tax-advantaged Farm Credit System’s efforts to expand its powers through the congressional appropriations process.
In a letter to House and Senate Appropriations committee leaders, ICBA said it has serious concerns with report language strongly encouraging the Farm Credit Administration to explore an expedited approval process for community facility “investments” that would replace case-by-case approval from the FCA.
The FCS in recent years has pressured its regulator to permit blanket self-approval authority on these “investments,” which ICBA argues will often be non-agricultural and subvert the Farm Credit Act’s lending constraints. The government-sponsored enterprise suggested including similar ICBA-opposed language in the 2018 farm bill, though Congress rejected that effort.
In its letter, ICBA said it is “inappropriate for FCS to now seek inclusion of their policy goals in an appropriations bill.” ICBA called on the committees to replace the report language with a request for the congressional agriculture committees to conduct a hearing on the investment issue.
Read ICBA's Letter