Senate Passes Farm Bill with Flood Insurance Extension

By a bipartisan 86-11, the Senate today passed its version the 2018 farm bill. The vote sets up a conference between the Senate version and the recently passed House version where lawmakers will address differences in the two bills on nutritional assistance, farm subsidy caps and conservation initiatives.

American Bankers Association President and CEO Rob Nichols welcomed the bill’s passage. “The reauthorization of this bill will provide critical risk management tools and stability for our nation’s farmers and ranchers and the 2,000 farm banks that serve them every day,” he said. “We are particularly pleased that banks and their customers will continue to have access to crop insurance and USDA guaranteed loan programs. Ag bankers use these programs to make loans and manage risk, so they can serve the needs of their customers even in down times.”

The bill also included a six-month extension of the National Flood Insurance Program, which is set to expire on July 31. “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,” Nichols said.