WASHINGTON, D.C. – Representative Brad Finstad (MN-01) reintroduced the Investing in Rural America Act with Representative Michelle Fischbach (MN-07) and the Farm Credit Administration Independent Authority Act with Representative Jimmy Panetta (CA-19), two pieces of legislation that would protect critical financial resources for rural communities.

“Rural communities across southern Minnesota rely on partnerships between the Farm Credit System and local lenders to receive the resources necessary to improve and expand essential facilities, such as rural hospitals,” said Rep. Finstad. “I joined Congresswoman Fischbach in reintroducing the Investing in Rural America Act, which ensures rural America has access to the capital they need to strengthen existing resources and remain the best places to live, work, and play for generations to come.”

Representative Finstad continued, “In addition to these important partnerships, the Farm Credit System provides our nation’s farmers with the financial resources they need to maintain and grow their operations. CFPB’s overregulation of rural lenders, including Farm Credit institutions, is detrimental for the rural economy and increases uncertainty for farmers who are already facing unpredictable challenges. To provide farmers with the stability they deserve, I am proud to reintroduce the Farm Credit Administration Independent Authority Act which will affirm the Farm Credit Administration as the sole authority over the Farm Credit System and defend customers from burdensome data collection practices.”

“We thank Reps. Brad Finstad, Michelle Fischbach and Don Davis for their commitment to rural communities and for introducing the Investing in Rural America Act,” said Farm Credit Council President and CEO Christy Seyfert. “This legislation ensures that Farm Credit, community banks and other lenders can continue to partner to ensure credit is readily available for rural hospitals, childcare centers, education and other essential rural community facilities.”

“We also thank Rep. Finstad for his leadership in introducing the Farm Credit Administration Independent Authority Act. This proposal will reduce unnecessary regulatory burden on Farm Credit institutions and their customers. We look forward to working with Reps. Finstad, Fischbach, Davis and other members of the agriculture committee to have this commonsense legislation included in the upcoming Farm Bill."

Background:

Investing In Rural America Act

Congressman Finstad and Congresswoman Fischbach reintroduced the Investing in Rural America Act, which would incentivize investment in rural communities. Specifically, this legislation would:

• Restore and codify farm credit institutions' eligibility to finance essential rural facilities in partnership with local lenders and the U.S. Department of Agriculture's Community Facilities Loan and Grant Program
• Place explicit guardrails around FCI’s authorities in financing essential community facilities, including a requirement to offer participation with at least one non-FCI lending institution on any potential project.
• Require a report to Congress on the projects undertaken by FCIs, including the partnerships established between lending institutions for such projects.

Farm Credit Administration Independent Authority Act:

In March of 2023, the Consumer Financial Protection Bureau (CFPB) issued a final rule that would limit the availability of farm credit in rural areas and establish burdensome data collection requirements. During the 118^th Congress, Congressman Finstad initially introduced the Farm Credit Administration Independent Authority Act which would affirm the Farm Credit Administration as the sole independent regulator of the Farm Credit System and prevent the implementation of this rule as it pertains to the Farm Credit System. This legislation was included in the Farm, Food, and National Security Act of 2024 which passed out of the House Agriculture Committee with bipartisan support.

Original cosponsors of the Farm Credit Administration Independent Authority Act include Representatives Mary Miller (IL-15), Jim Baird (IN-04), Michelle Fischbach (MN-07), and John Moolenaar (MI-02).