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Senate Rejects Amendment To End Farm Loan Guarantees

Posted on 6/20/2012

During debate on the Farm Bill yesterday, the Senate rejected, by a vote of 14-84, an amendment by Sen. Jim DeMint (D-SC) that would have prohibited the Secretary of Agriculture from making guaranteed loans.

ABA, ICBA, and the Farm Credit Council explained in a joint letter to the Senate yesterday that the USDA guaranteed farm loan program is the only source of needed credit for many farmers, and that the program has very low delinquency and loan-loss rates.

"As the leading credit providers for agriculture, we urge rejection of [the DeMint] amendment because it would undermine our ability to provide credit for farmers and ranchers," the letter said.

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