Ag Groups Weigh in on Regulatory Reform Package

May 14, 2010 Bookmark and Share

The Senate continued its work on a financial regulatory overhaul package this week, with work likely to continue through to the end of next week as a number of amendments remain pending. A number of primary races will take place on May 18, including that of Senate Agriculture Committee Chairwoman Blanche Lincoln, which will likely prevent any additional major votes on the legislation prior to May 19.

NAWG joined 15 other agricultural organizations this week in urging Senators to ensure that Farmer Mac, the Farm Credit System and the Federal Home Loan Banks are exempted from limitations on proprietary trading activity. The bill currently being considered in the Senate, S. 3217, currently exempts other government-sponsored enterprises (GSEs ) such as Freddie Mac and Fannie Mae, but does not exempt agricultural GSEs.

The letter read, in part, “Access to reliable, competitively-priced credit is an important input for successful farming operations… We are concerned that legislative action would decrease availability of credit for agriculture or increase its cost from our major lenders.”

The full letter can be accessed at http://www.wheatworld.org/issues/othercorrespondence/.