Montana Farmers Union member John Wicks testified before the U.S. House Committee on Agriculture Subcommittee on General Farm Commodities, Risk Management and Credit. He highlighted the importance of credit and risk management for family farmers.
Wicks addressed the challenges faced by family farmers and ranchers, emphasizing how improvements in credit, risk management tools, and other parts of the farm safety net could aid in building successful agricultural operations.
"While access to affordable and reliable credit and well-functioning risk management tools are important for family farmers, we must have fair and competitive markets and a robust farm safety net," said Wicks. "Farm bankruptcies are on the rise. Recent changes to improve the farm safety net may help alleviate some challenges with persistently high input costs and low commodity prices. But farmers will face major economic stress as long as corporate monopolies in agriculture remain unchecked, the way they are today."
To enhance support for producers, Wicks proposed several recommendations to improve Farm Service Agency (FSA) loan programs:
- Increasing loan limits to reflect the current economic environment.
- Making it more feasible for farmers to restructure debt when needed.
- Ensuring these programs meet the unique needs of all types of producers.
