Press Releases
WASHINGTON, D.C. – Today, Representatives Brad Finstad (MN-01) and Jimmy Panetta (CA-19) were joined by Representatives Michelle Fischbach (MN-07), Angie Craig (MN-02), and Doug LaMalfa (CA-01) in introducing the bipartisan Farm Credit Administration Independent Authority Act, which would prevent the Biden Administration from over-regulating the Farm Credit System, one of rural America’s leading financial institutions.
The legislation affirms that the Farm Credit Administration is the sole and independent regulator of the Farm Credit System and would prohibit the implementation of a rule proposed by the Consumer Financial Protection Bureau (CFPB) that would impose burdensome data collection requirements on the Farm Credit System.
“At a time when input costs are at an all-time high, dependable access to credit is critically important for southern Minnesota farmers and producers,” said Rep. Finstad. “A well-working Farm Credit System is key to our rural economy, and I am proud to introduce this legislation, which prevents Farm Credit lenders and borrowers from being subject to excessive and unnecessary data reporting requirements.”
“Misguided regulations have the potential to jeopardize farmers’ access to reliable credit and curtail potential partners who truly understand the unique and varied challenges faced by those in agriculture,” said Rep. Panetta. “Our bipartisan bill would help enhance that needed empathy for farmers by ensuring that the Farm Credit Administration is an independent regulator of the Farm Credit System. This legislation not only helps our country's Farm Credit System, it provides security and understanding to the farmers in our communities."
“On behalf of Farm Credit and its customers, we thank Reps. Brad Finstad and Jimmy Panetta for their leadership in introducing the Farm Credit Administration Independent Authority Act,” said Farm Credit Council President and CEO Todd Van Hoose. “The proposal will reduce unnecessary regulatory burden on Farm Credit institutions and their customers. And it will protect the ability of farmers to decide whether to disclose their personal demographic information.”
Full text of the legislation can be found here.
The legislation affirms that the Farm Credit Administration is the sole and independent regulator of the Farm Credit System and would prohibit the implementation of a rule proposed by the Consumer Financial Protection Bureau (CFPB) that would impose burdensome data collection requirements on the Farm Credit System.
“At a time when input costs are at an all-time high, dependable access to credit is critically important for southern Minnesota farmers and producers,” said Rep. Finstad. “A well-working Farm Credit System is key to our rural economy, and I am proud to introduce this legislation, which prevents Farm Credit lenders and borrowers from being subject to excessive and unnecessary data reporting requirements.”
“Misguided regulations have the potential to jeopardize farmers’ access to reliable credit and curtail potential partners who truly understand the unique and varied challenges faced by those in agriculture,” said Rep. Panetta. “Our bipartisan bill would help enhance that needed empathy for farmers by ensuring that the Farm Credit Administration is an independent regulator of the Farm Credit System. This legislation not only helps our country's Farm Credit System, it provides security and understanding to the farmers in our communities."
“On behalf of Farm Credit and its customers, we thank Reps. Brad Finstad and Jimmy Panetta for their leadership in introducing the Farm Credit Administration Independent Authority Act,” said Farm Credit Council President and CEO Todd Van Hoose. “The proposal will reduce unnecessary regulatory burden on Farm Credit institutions and their customers. And it will protect the ability of farmers to decide whether to disclose their personal demographic information.”
Full text of the legislation can be found here.
