ICBA applauded the initial inclusion of a farm bill extension and a $10 billion farm aid package in the year-end continuing resolution before Congress.
Details: During a press conference, House Speaker Mike Johnson (R-La.) announced an agreement to add a $10 billion economic assistance package for farmers amid the approaching Dec. 20 deadline for passing a continuing resolution. The CR will also extend the 2018 farm bill for one year to provide authorization for continuing farm programs.
Impact: During Johnson’s remarks, he said the funding “sends a signal to lenders and creditors that Congress will not abandon our food producers.” ICBA called for Congress to include these measures in a public statement on Monday, noting many producers have had consecutive years of production losses due to low commodity prices.
ICBA Response: In a national news release following Johnson’s announcement, ICBA President and CEO Rebeca Romero Rainey thanked Congress, noting many farmers and ranchers are in a perilous financial state. “The farm aid package will assist producers suffering from economic losses and help our nation’s community bankers continue working with producers to ensure access to affordable credit,” she said.