House Republicans Named to Agriculture Committee

Congressional leaders unveiled a federal budget reconciliation tax package that contains several banking industry priorities, including language to expand access to affordable real estate credit in rural areas, as championed by ABA.

The bipartisan ACRE Act would provide much-needed help to rural communities at a time when the U.S. agriculture economy is struggling, ABA President and CEO Rob Nichols wrote in an op-ed for Agri Pulse.

Government-guaranteed lending requires special expertise and back-office functionality that grows increasingly expensive for smaller banks.

According to a Kansas City Fed survey, the volume of farm operating loans increased sharply from a year ago alongside an increase in the number of large loans.

ABA is asking Congress to include legislation to help farmers and rural communications in its budget reconciliation process, pointing to the increasingly difficult economic situation facing many farmers and ranchers.

Legislation to expand access to affordable real estate credit in rural areas is needed if small farms seek to grow their businesses, Sen. Ruben Gallego (D-Ariz.) said.