David Scott (D-Ga.) was elected by the House Democratic Caucus to serve as ranking member of the committee.
Investments include improved risk protection for underserved producers, livestock processing capacity, and disaster and pandemic relief.
ABA supports the proposed changes’ goals, but said without refinement they would have unintended consequences, particularly in rural areas.
Reporting component of the SEC proposal would place “undue burden” on farmers who provide raw products to the value chain, opponents say.
Forty-nine percent ranked interest rate volatility among their top two concerns, up 35.5 percentage points from last year.
The $750 billion legislation includes $40 billion for agriculture and rural programs, much of it in climate, sustainability and rural energy.
Is history about to repeat itself? In rural America it just might as the Federal Reserve moves too aggressively to push up interest rates to deflate the inflation that has erupted in recent months.
U.S. banks extended $179 billion in farm loans in 2021, of which $99.6 billion came from farm banks that specialize in the ag space.
During the ABA Summit, Sen. Moran (R-Kan.) reiterated his support for ECORA and other legislation intended to bolster the competitiveness of rural banks.
Bert Ely examines multiple issues, including government sponsored enterprises spending big money on marketing and branding, the accuracy of bank ranking definitions and levels of Farm Credit System lending.