Fifty-Plus Ag Groups Show Support for Farm Credit SystemThu, 19 May 2016 18:01:17 CDT
With farm and ranch commodity prices increasingly under pressure, concerns are growing that the agriculture economy may be entering a prolonged period of instability, making the role of the Farm Credit System more important than ever, the American Farm Bureau Federation and more than 50 agricultural groups wrote to the Senate Agriculture Committee.
“Credit availability in good times is singularly important to our respective members. Credit availability in tough times may well mean the difference between producers staying on the land or being forced to abandon their operations,” the groups wrote.
The array of credit products offered by both the Farm Credit System and commercial banks, often in a collaborative and cooperative manner, ensures that farmers and ranchers and their industry sector partners have access to financial tools that are vital to their success, according to the groups.
“It is our belief that the Farm Credit System and commercial banks play a critical role in ensuring that farmers, ranchers and other rural Americans have access to constructive, competitive credit on an ongoing basis. We need all the resources that can be made available to sustain agriculture and rural America now and into the future,” according to the groups.
The groups sent the letter ahead of a Senate Agriculture Committee Farm Credit System oversight hearing held today.
Source: American Farm Bureau Federation
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