Independent Banker - December 2024 - 28

PORTFOLIO CHECKS & BALANCES
Is a favorable new farm bill
on the horizon?
In the wake of the farm bill's expiration, ICBA is advocating for updates that will benefit the
agriculture industry and rural communities across the U.S. By Mark Scanlan and Scott Marks, ICBA
comprehensive piece of
legislation, the 2018 farm bill
is currently being redrafted after
its 2023 expiration and extension
through Sept. 30, 2024. A decision
must now be made on whether to
extend the bill for another year or
actually pass a new bill during the
lame-duck session of Congress that
concludes at the end of this month.
Passing a five-year farm bill is a
major task: It covers 12 titles, runs
about 1,000 pages and includes a
vast array of programs, including
nutrition, conservation, rural
development, credit, commodity
prices and many others.
There has been a split politically
as well, with Democratic members of
Congress pushing funding for climate
A
change and nutrition programs, while
Republicans have sought higher price
protections for commodities. An
important objective of the farm bill is
to address the sharp decline in farm
income, which, according to the U.S.
Department of Agriculture (USDA),
has fallen 23% over the past two years.
A look at the broader ag picture
In May, the House Agriculture
Committee passed its new version
of the farm bill on a 33-21 vote,
with four Democrats joining 29
Republicans. However, that bill-the
Farm, Food and National Security Act
of 2024 (H.R. 8467)-has stalled due
to the Congressional Budget Office's
budget score capping the operations
of the Commodity Credit Corporation
at approximately $50 billion less than
House Republicans believed has been
spent since 2018.
Given the major hurricane damage
experienced in southern states and the
sharp decline in farm commodity prices,
Congress is expected to also consider
an emergency financial assistance
package for agricultural producers.
The expense tag for that legislation has
been estimated to be approximately
$20 billion, but that estimate could
fluctuate significantly as more data
becomes available. ICBA supports
emergency assistance for producers.
The Farm Assistance and Revenue
Mitigation (FARM) Act, led by Rep.
Trent Kelly (R-Miss.) and Sanford
Bishop (D-Ga.), provides emergency
assistance to producers of eligible
28 // ICBA Independent Banker // December 2024
Photo by Maksym Belchenko/iStock

Independent Banker - December 2024

Table of Contents for the Digital Edition of Independent Banker - December 2024

Contents
Independent Banker - December 2024 - Cover1
Independent Banker - December 2024 - Cover2
Independent Banker - December 2024 - Contents
Independent Banker - December 2024 - 2
Independent Banker - December 2024 - 3
Independent Banker - December 2024 - 4
Independent Banker - December 2024 - 5
Independent Banker - December 2024 - 6
Independent Banker - December 2024 - 7
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Independent Banker - December 2024 - FIS1
Independent Banker - December 2024 - FIS2
Independent Banker - December 2024 - FIS3
Independent Banker - December 2024 - FIS4
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Independent Banker - December 2024 - Cover3
Independent Banker - December 2024 - Cover4
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