ICBA, groups urge Congress to advance farm bill this year

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.