ICBA laid out its six principles for the new farm bill that Congress is developing to replace the 2018 farm bill that expires this year.
ICBA Principles: In letters to the House and Senate agriculture committees, ICBA said lawmakers should:
Provide ample funding.
Maintain a strong crop insurance program.
Enhance USDA guaranteed loan programs.
Not expand the powers of the Farm Credit System.
Ensure community bank access to all general credit programs.
Reduce regulatory burden and ensure fairness.
Other Legislation: ICBA also called on policymakers to address competitive inequities by passing legislation to exempt from taxation interest income on farm real estate and rural mortgage loans.
Outlook: The agriculture committees last year began meeting on the 2023 farm bill, with a House Agriculture Committee hearing on challenges for rural America slated for today.