ICBA supports House, Senate versions of ACRE Act

ICBA thanked the sponsors of the Senate and House versions of the Access to Credit for our Rural Economy (ACRE) Act, expressing strong support for the bipartisan legislation.

Details: 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.

More Support: ICBA and 44 state banking associations this week sent letters to senators and representatives asking them to sponsor S. 838 and H.R. 1822. The groups also asked that members of Congress support including the bipartisan ACRE Act in the upcoming tax bill.

ICBA View: 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.

Key Priority: 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.