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.