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Washington, D.C - Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Senate Agriculture Committee’s successful passage of the farm bill, the Agriculture Improvement Act of 2018 (S. 3042) on June 13.

“Today’s 20-1 vote to pass the farm bill out of the Senate Agriculture Committee should send a strong message to the full Senate to quickly adopt this bipartisan farm bill, which is so important to America’s farmers, ranchers, lenders and other rural citizens.

“The bipartisan vote keeps the process of enacting a new farm bill this year moving forward. Although there are still many challenges to enacting final legislation, ICBA will work with Congress on enacting a new farm bill in a timely manner. Farmers, ranchers and their lenders need the certainty, predictability and income protections that a five-year farm bill will provide as they struggle through the current era of very low commodity prices, with net farm income down by more than 50 percent since 2013.

“ICBA welcomes the bill’s provisions to maintain commodity price protections and a strong crop insurance program. ICBA also supports the bill’s increase for guaranteed farm loan limits to $1.75 million, up from the current $1.39 million level, in addition to other important programs.”

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