According to recent reporting in Politico, lawmakers and staff are “significantly more gloomy” on Farm Bill prospects for 2024. The bill is set to expire again on Sept. 30.
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One of the top priorities for the banking industry, as many farms over the next decade may be switching hands as older farmers retire.
A bright spot for farmers is that some production costs, including feed, fertilizer and pesticides, have declined, USDA Secretary Vilsack said. The agency is taking those factors into account as it works with Congress on the next Farm Bill into 2024.
With the Farm Bill extended through the 2024 fiscal year, there’s more time—10 months—to work on a full five-year farm bill without cutoffs for many important farm programs.
Chairman Glenn Thompson said, however, that an extension will still be necessary until the Senate and others finish their work on Farm Bill.
As ag and rural banks enter 2024, a host of legislative issues currently being debated stand ready to affect the course of their clients’ business for the foreseeable future.
The timing and consequences of the farm bill expiring vary by program across the breadth of the act, according to the Congressional Research Service.
While the funds the FCS borrows in the capital markets through the Federal Farm Credit Banks Funding Corporation are protected from any loss by the Farm Credit System Insurance Corporation, that insurance protection does not extend to deposits held by FCS institutions.
Bert Ely outlines five critical items that are key provisions Congress should include in the upcoming Farm Bill.
Congress renews the farm bill every five years. The legislation supports farmers, staple crops, nutrition programs, agriculture, as well as rural loans and rural development and infrastructure efforts.