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House Agriculture Committee Ranking Member David Scott (D-Ga.) called for a one-year extension of the 2018 farm bill while lawmakers continue to develop a five-year reauthorization.
Ongoing Negotiations: With funding for farm bill programs set to expire at the end of the year, Senate Agriculture Committee Chairwoman Debbie Stabenow (D-Mich.) and Ranking Member John Boozman (R-Ark.) also have called for an extension of the current farm bill. House Agriculture Committee Chairman Glenn “GT” Thompson (R-Pa.) has said he would support a one-year extension but is working to advance a new five-year farm bill by year-end.
USDA Express Loan Proposal: ICBA is working with lawmakers to include in the farm bill its proposal to speed up approval times for USDA loans. ICBA has expressed support for the USDA Express Loan Act (H.R. 5877), which would create a new loan guarantee program in which borrowers hear back from the USDA within 36 hours of submitting an application, with loans capped at $1 million with a 50-75% guarantee.
More: ICBA testified on the proposal earlier this year before the Senate Agriculture Committee’s subcommittee on commodities. Verlin “Gus” Barker of First Community Bank in Newell, Iowa, said the ICBA-proposed USDA Express program would improve access to timely credit for family farmers and ranchers.
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