The American Bankers Association (ABA) is commending the Senate for advancing the 2018 Farm Bill.
The bipartisan five-year legislation encompasses a broad array of agriculture, nutrition, conservation, and forestry policy while possessing the support of more than 500 groups representing thousands of agriculture, food, nutrition, hunger, forestry, conservation, rural, business, faith-based, research, and academic interests.
“We are particularly pleased that banks and their customers will continue to have access to crop insurance and USDA guaranteed loan programs,” ABA President and CEO Rob Nichols said. “Ag bankers use these programs to make loans and manage risk, so they can serve the needs of their customers even in down times. We are also pleased that Senators included a six-month extension of the National Flood Insurance Program (NFIP) in the bill.”
Nichols said while work remains to achieve long-term reauthorization and reform of the NFIP, it is essential for borrowers across the nation that the program not lapse.
“We especially want to thank Chairman Roberts, Ranking Member Stabenow and other members of the Senate Committee on Agriculture, Nutrition and Forestry for their leadership in advancing this legislation and we look forward to final passage of the 2018 Farm Bill,” Nichols said.
The ABA maintains reauthorization of the bill provides critical risk management tools and stability for the nation’s farmers and ranchers, as well as the 2,000 farm banks that serve them every day.