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EMERGENCY AGRICULTURAL CREDIT ACT OF

1983

MONDAY, FEBRUARY 14, 1983

HOUSE OF REPRESENTATIVES,
SUBCOMMITTEE ON CONSERVATION, CREDIT,

AND RURAL DEVELOPMENT,
COMMITTEE ON AGRICULTURE,

Washington, D.C.

The subcommittee met, pursuant to call, at 10:07 a.m., in room 1302, Longworth House Office Building, Hon. Berkley Bedell (acting chairman) presiding.

Present: Representatives English, Glickman, Stenholm, Tallon, Durbin, Coleman, and Gunderson.

Staff present: Robert M. Bor, chief counsel; Robert T. Lowerre, associate counsel; John E. Hogan, minority counsel; Peggy L. Pecore, clerk; Robert A. Cashdollar, David Ebersole, James W. Johnson, Jr., Frank Winston, Steve Kerr, and Bernard Brenner.

OPENING STATEMENT OF HON. BERKLEY BEDELL, A REPRESENTATIVE IN CONGRESS FROM THE STATE OF IOWA Mr. BEDELL [acting chairman]. The hearing will come to order. Today's hearing is the first meeting of the Subcommittee on Conservation, Credit, and Rural Development in the 98th Congress, and to those of you who braved the bad road conditions this morning, we want to thank you very much, particularly those who are here from the administration.

The chairman of the subcommittee, Mr. Jones, is unable to be here today, and I will be chairing this hearing at his request.

The purpose of today's hearing is to gather testimony on general agricultural credit conditions and specifically on H.R. 1190, the Emergency Agricultural Credit Act of 1983, which has been introduced by Chairman Ed Jones and ranking minority member Tom Coleman. I would also note that the bill now has 11 other cosponsors, including 7 members of the Agriculture Committee.

A copy of a committee news release which summarizes the provisions of H.R. 1190 has been placed at each desk, along with a copy of the bill.

During the morning session of this hearing we will hear testimony from USDA Under Secretary Frank Naylor, Farmers Home Administrator Charles Shuman, and Farm Credit Administration Senior Deputy Governor Terry Fredrickson.

(1)

When we return at 2 p.m. we will hear from representatives of several farm organizations as well as the private commercial lending sector.

Chairman Jones has informed me that today's hearing is only the first of several which he is planning to conduct over the next few weeks on the subject of agriculture credit legislation. Field hearings have already been scheduled in Kansas City, Mo., on Friday, February 18 and in Dyersburg, Tenn., on Saturday, February 19.

Once again, I want to extend my appreciation to those witnesses who were able to appear today.

A copy of H.R. 1190 and the opening statement of Hon. Charles W. Stenholm, will be placed in the record.

[H.R. 1190 and the opening statement of Hon. Stenholm follow:]

98TH CONGRESS 1ST SESSION

H. R. 1190

To provide emergency credit assistance to farmers, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES
FEBRUARY 2, 1983

Mr. JONES of Tennessee (for himself and Mr. COLEMAN of Missouri) introduced the following bill; which was referred to the Committee on Agriculture

I

A BILL

To provide emergency credit assistance to farmers, and for other

1

purposes.

Be it enacted by the Senate and House of Representa

2 tives of the United States of America in Congress assembled, 3 That this Act may be cited as the "Emergency Agricultural 4 Credit Act of 1983".

5 OPERATING LOAN LIMITS AND AUTHORIZATION; LIMITED

6

7

RESOURCE FARMERS

SEC. 2. (a) Section 313 of the Consolidated Farm and

8 Rural Development Act (7 U.S.C. 1943) is amended by strik9 ing out "$100,000, or, in the case of a loan guaranteed by 10 the Secretary, $200,000" and inserting in lieu thereof

When we return at 2 p.m. we will hear from representatives of several farm organizations as well as the private commercial lending sector.

Chairman Jones has informed me that today's hearing is only the first of several which he is planning to conduct over the next few weeks on the subject of agriculture credit legislation. Field hearings have already been scheduled in Kansas City, Mo., on Friday, February 18 and in Dyersburg, Tenn., on Saturday, February 19.

Once again, I want to extend my appreciation to those witnesses who were able to appear today.

A copy of H.R. 1190 and the opening statement of Hon. Charles W. Stenholm, will be placed in the record.

[H.R. 1190 and the opening statement of Hon. Stenholm follow:]

98TH CONGRESS 18T SESSION

H. R. 1190

To provide emergency credit assistance to farmers, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES
FEBRUARY 2, 1983

Mr. JONES of Tennessee (for himself and Mr. COLEMAN of Missouri) introduced the following bill; which was referred to the Committee on Agriculture

I

A BILL

To provide emergency credit assistance to farmers, and for other

purposes.

1

Be it enacted by the Senate and House of Representa

2 tives of the United States of America in Congress assembled,

3 That this Act may be cited as the "Emergency Agricultural 4 Credit Act of 1983".

5

6

7

OPERATING LOAN LIMITS AND AUTHORIZATION; LIMITED

RESOURCE FARMERS

SEC. 2. (a) Section 313 of the Consolidated Farm and

8 Rural Development Act (7 U.S.C. 1943) is amended by strik9 ing out "$100,000, or, in the case of a loan guaranteed by 10 the Secretary, $200,000" and inserting in lieu thereof

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