Washington, D.C (June 28, 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 strong, bipartisan vote by the full Senate to enact a new farm bill, H.R. 2. Today’s passage by the full Senate comes a week after the full House acted on its bill and puts the farm bill on a clear path for adoption prior to the current bill’s expiration Sept. 30. ICBA and the nation’s community bankers appreciate the Senate’s action and look forward to working with Congress as the bill is conferenced in the upcoming months to help push the bill across the goal line.
“A new farm bill will protect producer income, provide a strong crop insurance program, enhance USDA loan programs and adopt numerous other important programs. Overall, the farm bill will provide producers and community banks greater certainty for business planning purposes over the next five years. This is essential during an era of low commodity prices, sharply lower net farm income, and foreign trade uncertainties with U.S. agricultural exports.
“ICBA has urged Congress to maintain commodity price protections and a strong crop insurance program. ICBA also supports the bill’s increase for guaranteed farm loan limits to $1.75 million from $1.39 million, in addition to other important programs, and opposes granting the Farm Credit System new lending powers.”
For more information, view ICBA’s farm billand “Focus on Farm Policy” .