A letter from the American Bankers Association and several farming and financial groups sent earlier this month to the congressional appropriations committees paid off for farmers across the country. The letter urged the committees to ensure the Farm Service Agency had sufficient funding to meet agricultural credit needs during winter and spring months, when demand for production loans peaks.
“When you factor in the existing loan backlog and the higher than previously anticipated demand on FSA loan programs due to lower commodity prices, FSA will likely run out of money during the [continuing resolution]period, just when farmers need the program the most,” the groups said. “We continue to strongly urge you to give this issue the high priority it deserves, in crafting the final bill, by providing for additional direct and guaranteed operating loan funding than in the committee approved bills earlier this year.”
The continuing resolution was passed by the Senate (63-36) on Dec. 9 and the House (326-96) on Dec. 8. It was signed by the president on Dec. 10 and ensures funding for the FSA through April 28. For more information, contact ABA’s Ed Elfmann.