Agricultural News
House Subcommittee Reviews the Financial Health of Farm Country
Tue, 02 Jun 2015 12:31:29 CDT
Rep. Rick Crawford (R-AR), Chairman of the House Agriculture Committee's General Farm Commodities and Risk Management Subcommittee, Tuesday held a public hearing to review the financial health of farm country. With significantly lower commodity prices, net farm income has decreased substantially over the past two years. This impacts not only farmers and ranchers but also farm equipment dealers, agricultural input suppliers, main street businesses, and local lending institutions essentially all of rural America. Members of the subcommittee heard from a panel of witnesses who highlighted the current conditions farmers and ranchers are facing as well as the importance of maintaining a strong farm safety net.
"The farm bill is written for times like these," Chairman Crawford said. "America's farmers and ranchers have experienced an estimated 43 percent decrease in net farm income since 2013 and are being forced to make substantial adjustments to their operations in response. Agriculture is inherently risky, and the farm bill ensures that there is a suite of risk management tools to help producers weather a host of challenges, including regulatory burdens, unpredictable tax policy, and rising foreign subsidies and tariffs."
"Production agriculture is filled with uncertainty and we need to make sure we provide farmers and ranchers with strong farm policy to help them manage everyday risks," Ranking Member Tim Walz (D-MN) said. "Today, we heard from a great panel of witnesses, including Minnesota farmer Kevin Paap, on how important the farm bill is to securing financial futures for agricultural producers. I look forward to continuing to work with producers and my colleagues in Congress to increase economic security for America's farmers and ranchers and ensure we have a strong safety net in place."
"Farmers and ranchers across rural America are facing significant financial challenges. No one knows that better than cotton producers in my home area of west Texas," Agriculture Committee Chairman K. Michael Conaway said. "Producers have seen a significant decrease in commodity prices, in many cases following multiple years of drought. It is more important now than ever that we work to provide rural America with the necessary tools to feed and clothe America and to compete in the global marketplace."
Written testimony provided by the witnesses from Tuesday's hearing is linked below. Click here for more information, including Subcommittee Chairman Crawford's opening statement and the archived webcast.
Witness List:
Mr. Nathan Kauffman, Ph.D., Assistant Vice President and Omaha Branch Executive, Omaha Branch Federal Reserve Bank of Kansas City, Omaha, NE - Click here for his testimony.
Mr. Paul T. Combs, Rice, Soybean, Cotton, Corn, and Wheat Producer and Farm Equipment Dealer, Kennett, MO - Click here for his testimony.
Mr. Steve Verett, Cotton, Sorghum, and Wheat Producer, Lubbock, TX - Click here for his testimony.
Mr. L. Dow Brantley, Rice, Cotton, Corn, and Soybean Producer, England, AR - Click here for his testimony.
Mr. Kevin Paap, Corn and Soybean Producer, Garden City, MN - Click here for his testimony.
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