House Ag Committee releases farm bill summary ahead of markup

The House Agriculture Committee released a title-by-title summary of its farm bill proposal ahead of a markup planned for next Thursday.

Bill Details: Chairman Glenn "GT" Thompson’s (R-Pa.) bill summary cites enhancements to USDA guaranteed farm loan programs, including ICBA-advocated provisions to raise loan limits and speed up turnaround times on approvals of USDA guaranteed loans under $500,000. However, the summary also contains ICBA-opposed expansions for the tax-exempt Farm Credit System, including expanded financing authority and a dramatically lower compliance burden from the 1071 small-business rule.

ICBA View: ICBA and state community banking associations last month urged lawmakers to advance a new farm bill with key recommendations, including:

• Raising USDA guaranteed loan limits.

• Including legislation reflecting the bipartisan USDA Express Loan Act (H.R. 5877) to speed up approval times for USDA loans.

• Excluding proposals to expand Farm Credit System nonfarm business lending authority.

• Blocking any FCS carve-out from the Consumer Financial Protection Bureau’s 1071 rule or allowing it to apply equally to community banks.

Grassroots Push: With Thompson previously announcing plans to hold a markup on Thursday, May 23, ICBA is urging community bankers to use its Be Heard grassroots action center to call their members of Congress and urge passage of the farm bill with these policy priorities.