When autocomplete results are available use up and down arrows to review and enter to select.
The USDA is projecting further sharp declines in farm-sector income in 2024, which could have implications for ongoing farm bill negotiations.
Forecast: The department’s Economic Research Service projected a 25.5% decline in net farm income from last year, following a 16.0% decline from 2022 to 2023. The declines follow record highs in 2022 and would bring incomes below their 20-year average in inflation-adjusted dollars.
Vilsack Statement: In a statement, Agriculture Secretary Tom Vilsack cited the impact of declining demand for U.S. commodities following the pandemic and increased production costs for labor, fertilizer, pesticides, and livestock purchases. Vilsack is scheduled to testify before the House Agriculture Committee this Wednesday, Feb. 14.
Farm Bill: In separate statements, Senate Banking Committee Chairwoman Debbie Stabenow (D-Mich.) and Ranking Member John Boozman (R-Ark.) said the USDA report underscores the need to pass a new farm bill. Congress last year passed a one-year farm bill extension, giving lawmakers until Sept. 30 to pass a new bill or another extension as negotiations continue in both chambers.
Previous News
ICBA-opposed legislation to impose credit card routing restrictions would disproportionately benefit the nation’s top five businesses and put small retailers at a further competitive disadvantage, according to a new study.
ImageFeb 8, 2024
ICBA is urging community bankers to send letters to the FDIC by tomorrow’s deadline opposing proposed guidelines to establish new corporate governance and risk management standards.
ImageFeb 8, 2024
ICBA urged the Federal Trade Commission to explicitly exclude community banks from a proposed rule requiring commercial businesses to include all mandatory fees when advertising their prices.
ImageFeb 8, 2024
Related News Taxonomy