ICBA, state associations push for support of ACRE Act

ICBA and 44 state banking associations sent letters to senators and representatives asking them to sponsor the bipartisan Access to Credit for our Rural Economy (ACRE) Act (S. 838 and H.R. 1822).

Details: ICBA and the state associations said the ACRE Act will promote access to credit and lower borrowing costs for farmers, ranchers, and rural home buyers. The groups also asked that members of Congress support including the bipartisan ACRE Act in the upcoming tax bill.

Scope: The ACRE Act would:

• Provide farmers, ranchers and rural homeowners with lower-cost credit.

• Allow producers to improve their cashflow positions at a time of tremendous economic stress in the farm sector.

• Enable family farmers to remain on their farms and ranches, preventing further consolidation within the farm sector.

• Offer community banks flexibility to work with struggling family farmers and ranchers.

ICBA Support: In a national news release this week, ICBA President and CEO Rebeca Romero Rainey said the legislation will help community bank lenders revive and sustain rural economies.

ICBA View: The ACRE Act is a key priority of ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress, which outline comprehensive reforms to address the nation’s policy challenges.