Agricultural News
As Inflation Soars, Lankford Joins Colleagues in Standing up for Farmers and Ranchers
Fri, 17 Dec 2021 14:47:47 CST
Senator James Lankford (R-OK) joined Senators John Thune (R-SD), a longtime member of the Senate Agriculture Committee, and John Boozman (R-AR), ranking member of the Senate Agriculture Committee, and several of their colleagues to send a letter urging federal financial regulators to provide community banks, credit unions, and Farm Credit institutions with the regulatory flexibility they need to responsibly work with their agriculture clients as the profit margins of farmers and ranchers shrink from higher input costs. The Senators are also requesting that federal financial regulators monitor how inflation and inflationary-related pressures are affecting the agriculture industry and, in turn, the community financial institutions that serve it.
"The destructive impact of inflation has already affected individuals, families, and businesses across the nation, and no one is immune from these price increases," the Senators wrote. "Caused in large part by an unprecedented increase in federal government spending, in addition to supply chain bottlenecks, these higher prices are not just increasing grocery bills and home heating costs, but they are also raising costs on businesses, including on our nation's farmers and ranchers."
Lankford, Thune, and Boozman were joined in sending the letter by Senators John Barrasso (R-WY), Mike Braun (R-IN), Bill Cassidy (R-LA), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Jim Inhofe (R-OK), John Kennedy (R-LA), Jim Risch (R-ID), Tim Scott (R-SC), and Thom Tillis (R-NC).
You can view the full letter here.
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