Community Bankers Association of Illinois

Clean Farm Bill Clears U.S. Senate AG Committee!

Subject: Farm Bill Advances in Senate Without FCS Provisions - FCS Amendment Still Likely!

The Senate Agriculture Committee cleared the 2007 farm bill reauthorization without provisions that would expand the Farm Credit System's non-farm lending authority. However, the FCS has begun furiously lobbying senators for support of an amendment it expects to be offered by Sen. Sax by Chabliss (R-Ga.). The farm bill could be up on the Senate floor as early as Tuesday, Oct 30. "ICBA looks forward to working with the full Senate to secure passage of a bill that keeps the focus on farmers and ranchers," said ICBA President and CEO Cam Fine.

Community bankers should continue to watch for updates. The FCS has stated it wants to use the massive farm bill as a vehicle to increase its commercial business lending and to raise the population cap on its tax-exempt home mortgage lending. The tax and funding advantaged government-sponsored enterprise still hopes lawmakers may attach an amendment to the farm bill that could be subsequently expanded in House-Senate conference negotiations. This past summer the House cleared a farm bill with FCS expansion measures stripped out late in the process. Read ICBA Release.

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