The Independent Community Bankers of America (ICBA) put out a white paper that lays out what it would like to see in a new farm bill.
The release comes at a time when Congress is working on writing comprehensive food and agriculture legislation for 2018. The current farm bill expires Sept. 30.
“ICBA believes a new farm bill is vitally important to our nation’s farmers and ranchers and the community bankers who work so closely with them,” ICBA President and CEO Camden Fine said. “A new farm bill provides a multi-year framework for farmers and their community bank lenders to engage in longer-term business planning, and it offers an essential safety net of risk-management tools.”
ICBA’s white paper, called “Focus on Farm Policy,” hits on several key principles, including ample funding, regulatory relief, and fair treatment of all stakeholders.
Specifically, ICBA would like to see a bill that adequately funds commodity programs and crop insurance, which help producers obtain farm loans. Further, they’d like to see the USDA’s Farm Loan Programs enhanced. These programs increase loan limits, provide greater flexibility for loan approvals, and eliminate unnecessary regulatory burdens. In 2017, they provided more than $7.7 billion in loans for producers in 2017 and supported 42,000 farmers and ranchers.
In addition, ICBA calls for funding to preserve the USDA Rural Development Programs and programs like the Business and Industry Guaranteed Loan Program for small businesses. Finally, ICBA calls for a reform of the farm credit system to ensure it remains focused on serving farmers and doesn’t venture into broad non-farm lending activities.