Congressional Delegation Urges Federal Banking Agencies to Ensure Agriculture Producers Can Receive Assistance
BISMARCK, N.D. – U.S. Senators John Hoeven and Kevin Cramer and Representative Kelly Armstrong wrote a letter to Federal Reserve Chair Jerome Powell, Federal Deposit Insurance Corporation Chair Jelena McWilliams, Comptroller of the Currency Joseph Otting, and National Credit Union Chair Rodney Hood today.
In the letter, the congressional delegation urged the federal banking agencies to make sure community financial institutions have the ability to work with their farm clients amid the coronavirus (COVID-19) pandemic.
“Given the ongoing economic uncertainty due to the spread of COVID-19, we need to ensure that farmers and ranchers who are impacted be provided relief. This unique market disruption calls for immedicate attention,” the delegation wrote. “We look forward to working with you to ensure community financial institutions can continue to responsibly serve farm and ranch families facing financial pressures.”
Their letter follows Congress passing the Phase Three COVID-19 relief package, which includes funding for small business owners, including farmers, who need emergency assistance in light of the unexpected disruption caused by the pandemic. Because these resources will be made available through financial institutions, the delegation wants to ensure farmers can receive the support they need.