The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“INTRODUCTION OF THE CREATING REAL OPPORTUNITIES FOR PROSPERITY (CROP) ACT” mentioning the U.S. Dept of Agriculture was published in the Extensions of Remarks section on pages E745 on April 15, 2011.
The publication is reproduced in full below:
INTRODUCTION OF THE CREATING REAL OPPORTUNITIES FOR PROSPERITY (CROP)
ACT
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HON. STEPHEN LEE FINCHER
of tennessee
in the house of representatives
Friday, April 15, 2011
Mr. FINCHER. Mr. Speaker, I rise today to discuss an issue that greatly affects agricultural employment in my district and across the country. Against the backdrop of a beleaguered economy still recovering from the recession many small community banks have been unable to extend loans to farmers. Credit is needed to hire new employees, purchase seed, fertilizer, and fuel, all of which creates economic opportunity and subsequently produces jobs. The Farm Service Administration in the United States Department of Agriculture makes direct loans and loan guarantees to farmers who cannot qualify for regular credit. These loans allow farmers to continue growing rural economies and producing a safe and secure food supply.
The Farm Security and Rural Investment Act of 1992 provided banking institutions to extend credit to farmers for a 15 year period. During the 111th Congress, the extension of term limits was allowed to expire on December 31, 2010, leaving family farmers without the ability to receive much needed operating loans to run the farm and hire employees. That is a why I am proud to introduce the Creating Real Opportunities for Prosperity Act, otherwise known as the CROP Act, which suspends the term limits and extends the period for guaranteed credit to December 13, 2013. This will provide much needed access to loans for farmers.
Farm operating loan term limits will be addressed by the next Farm Bill and this suspension of term limits will allow the members of the House Committee on Agriculture to determine what solution or changes need to be made while providing the security for community banks and farmers.
Mr. Speaker, I urge my colleagues in the House (and Senate) to support me in passing the CROP Act and bring stability to rural economies.
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