A Brief Overview of Farm Loans and Why They’re Important to You by GadCapital
When the $428 billion 2018 Farm Bill, also known as the 2018 Farm Bill, expires on September 30, 2023, it will impact almost every element of agriculture. Consequently, the agricultural community in the United States, food producers and processors, and state, local, tribal and federal lawmakers have turned their attention to the reauthorization of the Farm Bill.
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What Is the Meaning of the Farm Bill?
While other programs and initiatives are included in this bill, it represents the US government’s single most significant financial commitment to food and agricultural producers in the United States.
Legislators may use the Farm Law, a multiyear omnibus bill, to set priorities for the food and agriculture industries for a certain period, often every five years.
The first Farm Bill was enacted in 1933 in part to address the Great Depression’s failure of the commodities market and stabilize the United States’ food and agricultural producers who suffered catastrophic losses during the Dust Bowl.
Since its inception, the Farm Bill has put a high priority on aiding growers of essential crops like corn and soybeans and wheat and cotton. In 1973, the Farm Bill contained a section on nutrition. Three-quarters of Farm Bill funds are now allocated to nutrition assistance.
The Reauthorization of the Farm Bill: When Does It Begin?
Stakeholders have been asked for their thoughts on the Farm Bill’s priorities in Congress. There must be a compromise between the Farm Bills passed by each chamber’s Agriculture Committee before they can become law. Upon enactment, the bill is delivered to President Obama for his signature, after which the USDA may begin putting it into practice.
Why Is This So Important?”
The Farm Bill might be thought of as a road map for how the federal government intends to spend its money. Several sections of the Farm Bill need congressional action each year during the federal budgetary process. To guarantee their interests are reflected in the Farm Bill, stakeholders must work with Congress to ensure that their goals are reflected in the government budget.
In addition, the fact that the renewal process takes place in an election year is significant in determining the ultimate goals of the 2023 Farm Bill. According to polls, Republicans will be wary of agreeing to Farm Bill changes if they feel they would keep control of the pen when the bill is done next year, as is expected to happen. Because of this, stakeholders in agriculture need to include Democratic and Republican officials.