by Ben Nuelle
The Senate Committee on Agriculture, Nutrition and Forestry take a look at the Farm Credit System Thursday. The senate ag committee will focus on Addressing Oversight and Outlook of the Current Economic Climate of the farm credit system.
Senator Chuck Grassley says he’ll be at the hearing.
“One of the things we’ve been hearing is a lot of money has been loaned out to businesses that are pretty big in this country. Maybe not entirely associated with rural America and we want to make sure the farm credit system isn’t going beyond its main purpose. The main purpose is to provide funding for rural American and farming.”
Grassley says this isn’t the first time people have raised concerns about the farm credit system.
“I don’t know about the House Agriculture Committee but the Senate Agriculture Committee has kind of neglected oversight of the farm credit system. It’s kind of filling in a vacuum and it is happening at the same time community bankers are raising concerns and maybe them raising concerns has gotten the Senate Agriculture Committee out of the lethargic environment of not having hearings on that particular issue.”
He added depending on how the hearing goes, they may look at legislation in the future.