A strong farm bill provides stability for the volatile farm sector and incorporates important policies, such as price-support programs, crop insurance and loan guarantee programs.
|Commodities, Credit, & Crop Insurance: Perspectives on Risk Management Tools and Trends for the 2018 Farm Bill||Senate Committee on Agriculture, Nutrition and Forestry||Brenda Kluesner||07/25/17|
Washington, D.C (Dec. 11, 2018)—Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Senate’s passage of the Agriculture and Nutrition Act of 2018 (H.R. 2).
“ICBA applauds today’s bipartisan Senate vote to pass a new farm bill and urges the House to quickly pass the legislation for President Trump’s signature.
“The bipartisan conference report includes important commodity price protections that will provide producers and community banks with greater business-planning certainty over the next five years. This is essential during an era of low commodity prices, sharply lower net farm income, and foreign trade uncertainties.
“Importantly, the farm bill adopted today by the Senate also maintains a strong crop insurance program, increases USDA guaranteed farm loan limits to $1.75 million, and provides for the possible increase in guaranteed USDA rural development loans—all of which are ICBA and community bank priorities.
“ICBA and the nation’s community bankers appreciate the Senate’s action and likewise urge the House to ensure final passage.”
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 52,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 760,000 Americans and are the only physical banking presence in one in five U.S. counties. Holding more than $4.9 trillion in assets, $3.9 trillion in deposits, and $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.