The Farmer Assistance and Revenue Mitigation (FARM) Act (H.R. 10045), federal legislation intended to provide targeted relief to farmers struggling from the impact of circumstances beyond their control, has received expressed support from the community banking sector.
The bill includes language intended to support farmers who have suffered economic losses due to adverse weather conditions and low commodity prices.
“Farmers have been hit with circumstances outside of their control, such as natural disasters, inflation pressures, and drought, which have crippled their ability to obtain financing from credit and banking institutions,” Rep. Trent Kelly (R-Miss.) said in a statement. “The FARM Act will bridge the gap, providing relief so that our farmers can continue to do their best — feed the nation.”
Independent Community Bankers of America President and CEO Rebeca Romero Rainey wrote a letter to Congress expressing support for the bipartisan legislation.
“The FARM Act would offer targeted relief to those farmers who have suffered crop losses due to the impact of adverse weather conditions and low commodity prices below the cost of production,” Romero Rainey wrote. “This legislation will assist producers who have suffered economic losses and, as a result, may be unable to show a positive cashflow on their operations, making it difficult for these producers to qualify for bank loans. The payments this legislation provides to affected producers will allow many of them to access the credit they need to continue their operations.”
The measure also has gained support from more than 60 co-sponsors, both Republicans and Democrats, as well as numerous agricultural organizations, including the American Farm Bureau Federation, American Soybean Association, National Association of Wheat Growers, National Barley Growers Association, National Cotton Council, National Corn Growers Association, National Sorghum Producers, National Sunflower Association, U.S. Canola Association, U.S. Peanut Federation, USA Dry Pea & Lentil Council, USA Rice, and Western Peanut Growers Association.