STATE OF FARM CREDIT ADDRESSED IN HOUSE HEARING
News Date June 16, 2009
The House Agriculture Subcommittee on Conservation, Credit, Energy, and Research, chaired by Congressman Tim Holden (D-PA), reviewed and discussed the condition of the Farm Credit System in a hearing last week. The panel reviewed current conditions, along with challenges in the foreseeable future.
Members of the Subcommittee heard testimony from two panels. Lawmakers raised questions ranging from current farm credit conditions to how upcoming legislation, notably the Waxman-Markey climate change bill, will affect the Farm Credit System. "Reports from the Federal Reserve and other sources indicate there is a tightening of credit for farmers and ranchers around the country," one of the witnesses testified. "Even with credit becoming more difficult to acquire, demand for direct operating, direct ownership, and guaranteed operating loans continues to increase, especially from beginning and young farmers and ranchers." Witness' opening statements and hearing documents can be found on the House Agriculture Committee website at: http://agriculture.house.gov/hearings/statements.html. (Contact: David Hickey or Austin Miles)