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ICBA and other agricultural stakeholders called on Congress to advance a meaningful farm bill in 2024 that addresses worsening conditions in farm country.
Joint Letter: In the letter to congressional leaders, the more than 300 groups said:
It is time to pass a new farm bill instead of extending the current bill given the potential for many farmers to not qualify for bank financing.
The new farm bill should strengthen the safety net with many producers facing multiple years of not being profitable.
New USDA Data: The letter follows a USDA report showing lower net farm income in 2024. According to the USDA, inflation-adjusted net farm income is forecast to decrease by 6.8% from 2023 to 2024, slightly less than forecast in February but still revealing economic challenges faced by many ag producers.
ICBA View: ICBA supports passage of a new farm bill with enhancements to USDA farm programs, including higher loan limits on USDA guaranteed loans and a quicker approval process on USDA guaranteed farm loans. ICBA also continues to express strong opposition to several proposals to expand Farm Credit System authorities.