AGRICULTURE AND RURAL AMERICA

Letters and Testimonies

Testimony

Title Committee Presenter Date
House Ways and Means Committee 05/09/24
Senate Agriculture Committee Gus Barker 05/04/23

Ag News

Farm Credit System growth slows in 2023

Dec. 18, 2023

The Farm Credit Administration board met last week to receive a quarterly report on economic conditions affecting the agricultural economy and Farm Credit System institutions.

Economic Conditions: According to the report, FCS total assets and loan growth have increased 6.0% and 6.5%, respectively, over the past 12 months. FCS rural infrastructure loans have increased 17% in 2023.

Grassroots: Community bankers can use ICBA’s Be Heard grassroots resource center to urge support for the Access to Credit for our Rural Economy (ACRE) Act (H.R. 3139), which would help offset FCS tax and regulatory advantages by exempting the interest income on farm real estate and rural mortgage loans from taxation.