According to recent reporting from multiple news outlets, House Agriculture Committee Chair G.T. Thompson plans for his committee to vote on a Farm Bill draft by the end of May. Thompson told Politico that he is expecting a markup before Memorial Day, adding that he’s “excited” that “it’s all coming together.”
House Republicans on the committee recently presented Democratic colleagues with an updated proposal for paying for bipartisan priorities in the Farm Bill and an increase in reference prices for crops. Many Democrats oppose the proposed payment plans, which include repurposing climate-agriculture funding and limiting updates to U.S. Department of Agriculture food plans. Democrats, however, haven’t been able to agree on their response. David Scott (R-Ga.), ranking Democrat on the Ag Committee, confirmed for reporters recently that his team didn’t have a counteroffer but that, they will be “ready to go and respond.”
A Farm Bill vote has been a moving target. Republicans on the Ag Committee, however, seem intent on issuing a draft bill this spring—even if an immediate vote of the full House isn’t likely soon. And Farm Bill talks in the Senate aren’t scheduled in the near future. The Farm Bill was not on a recent list of priorities for the next two months issued by Senate Majority Leader Chuck Schumer (D-N.Y.).
ACRE Act adds more Dems to cosponsor list
The number of Democratic lawmakers in the House supporting the Access to Credit for our Rural Economy Act continues to grow. The week of April 15, Reps. Mark Pocan (Wis.) and Hillary Scholten (Mich.) signed on as ACRE cosponsors.
The American Bankers Association-backed legislation would make it easier for farmers, ranchers and rural families to access affordable real estate credit. It would give community banks the same tax-exempt status on certain earned interest that applies to farm credit institutions, allowing farm real estate borrowers and rural homeowners access to lower interest rates. The exemption would also apply to single-family home mortgage loans in rural communities with fewer than 2,500 residents and for mortgages less than $750,000.
ACRE was introduced earlier this year in both the House and Senate, with the number of cosponsors of the House version having recently grown to 59 lawmakers (41 Republicans and 18 Democrats).
ABA Banking Journal Staff
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