Official Letter to Representative Collin Peterson

November 19, 2010 03:16 AM

Below is the copy to an official letter to Representative Collin Peterson.  


USDA Guaranteed Farm Loans Preserve Jobs

November 18, 2010
Representative Collin Peterson, Chairman
House Committee on Agriculture
1301 Longworth House Office Building
Washington, DC 20515
Dear Chairman Peterson:
The organizations listed below are writing to express our support for legislation that would protect eligibility for farmers and ranchers participating in U.S. Department of Agriculture (USDA) Farm Service Agency (FSA) guaranteed farm loan programs. Unless Congress acts this year to suspend borrower term limits on FSA guaranteed farm loans, approximately 4,217 farmers and ranchers will be forced out of the program, making it very difficult for them to secure credit for the upcoming year. In this troubled economy, we simply cannot afford diminished credit opportunities and the prospect of losing farm and ranch jobs.
The 2008 Farm Bill suspended borrower term limits on FSA guaranteed farm loan programs through the end of 2010. However, without action by Congress this year, those term limits would resume after December 31, 2010, immediately making many farmers and ranchers ineligible for additional credit through these programs. USDA estimates that as many as 4,217 farmers and ranchers will be affected by this credit limitation immediately and as many as 7,560 within two years. For these farmers and ranchers, being denied access to the FSA guaranteed farm loan program greatly diminishes their credit options. Some of these farmers and ranchers may be unable to continue farming. The struggling rural economy simply cannot withstand this kind of setback.
We urge you to extend existing law and suspend term limits for farmers and ranchers enrolled in the guaranteed farm loan program. We urge you to pass bipartisan legislation, H.R. 6418, authored by Representative Leonard Boswell that would achieve that end. H.R. 6418 has been scored at zero cost by the Congressional Budget Office.
American Bankers Association
American Soybean Association
Farm Credit Council
Farmer Mac
Independent Community Bankers of America
Midwest Dairy Coalition
National Association of Credit Specialists of the USDA-Farm Service Agency National
National Association of Wheat Growers
National Cattlemen’s Beef Association
National Corn Growers Association
National Cotton Council
National Farmers Union
National Milk Producers Federation
National Pork Producers Council
USA Rice Federation
Women Involved in Farm Economics (WIFE)

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