With House Agriculture Committee Chairman Glenn Thompson (R-Pa.) releasing text of his proposed farm bill ahead of this Thursday’s markup, ICBA is urging community bankers to call and write their members of Congress on the industry’s farm bill priorities.
Pro-Community Bank Policies: The bill, which is detailed in a title-by-title summary, includes ICBA-advocated policies to:
Significantly increase commodity reference prices as well as premiums and coverage for crop insurance.
Enhance USDA guaranteed loan programs by raising loan limits to $3.5 million (ag real estate) and $3 million (operating).
Require quicker loan approvals from the USDA.
ICBA-Opposed Provisions: However, the bill would expand Farm Credit System financing of essential community facilities, though with a requirement to seek community bank participation; expand FCS financing of non-farm equity investments through the use of rural business investment corporations; and include a lighter regulatory compliance regime largely exempting FCS from the CFPB’s 1071 small-business data collection and reporting rule.
ICBA Advocacy: ICBA last week wrote to committee members opposing a section 1071 carve-out for FCS, while Democratic leaders have objected to the bill over nutrition, climate, and funding policies.
Grassroots Push: Ahead of Thursday’s markup, ICBA is urging community bankers to use its Be Heard grassroots action center to call and write their members of Congress to oppose expanding FCS powers. Call Congress here. Write Congress here.