With a vote of 369 to 47 today, the House approved the 2018 Farm Bill. The bill must now be signed into law by President Trump. Ahead of the vote, the American Bankers Association wrote to House Agriculture Committee leaders urging them to pass the bill, which contains several banker-advocated provisions. Among other things, the bill will increase Farm Service Agency guaranteed loan program funding to $1.75 million; make needed changes to rural development guaranteed loan programs; and provide risk management tools for farmers and ranchers through crop insurance and other farm programs.
ABA President and CEO Rob Nichols thanked lawmakers for their work on the bill. “This important piece of legislation provides critical risk management tools and stability for our nation’s farmers and ranchers, as well as the 2,000 farm banks that serve them every day,” Nichols said. “We are particularly pleased that lawmakers recognized the vital role of crop insurance and USDA loan guarantees. These programs help farm banks make loans and manage risk in both good times and bad, which is critical to maintaining a stable and vibrant farm economy.”