November 21, 2001
Contact:
Marjory Walker
(901) 274-9030
MEMPHIS - The National Cotton Council and 21 farm and commodity organizations and lending institutions have asked key Senate leadership to provide an important economic stimulus to rural America – by adopting new farm law this year.
In a letter to Senate Majority Leader Tom Daschle (D-SD) and Republican Leader Trent Lott (R-MS), the organizations seek immediate action on legislation to replace the Federal Agriculture Improvement and Reform Act of 1996. The groups urge Senate leaders to schedule Senate consideration of new legislation as soon as possible so a conference with the House and final passage can be completed prior to Congress’ adjournment.
"New farm legislation must be enacted this year to stimulate and stabilize the rural economy that has been in an economic downturn for five years, with no turnaround in sight," the letter stated. "It is critical to producers, farm lenders and rural communities that a new farm bill be approved this fall to provide the assurance necessary to plan for next year’s crop production. The new legislation is designed to provide an economic safety net for rural America and eliminate the need for annual ad hoc emergency assistance that Congress has provided for the past four years."
The letter noted that production agriculture, which represents nearly 20 percent of all U.S. economic activity, has not shared in the economic growth of the last decade and has been devastated by depressed commodity prices, declining market opportunities and increasing costs.
Other commodities represented on the letter include wheat, rice, barley, grain sorghum and peanuts. Among farm and financial organizations that signed on were the American Farm Bureau Federation, National Farmers Union, Farm Credit Council, American Bankers Association and Independent Community Bankers Association.
In a letter to Senate Majority Leader Tom Daschle (D-SD) and Republican Leader Trent Lott (R-MS), the organizations seek immediate action on legislation to replace the Federal Agriculture Improvement and Reform Act of 1996. The groups urge Senate leaders to schedule Senate consideration of new legislation as soon as possible so a conference with the House and final passage can be completed prior to Congress’ adjournment.
"New farm legislation must be enacted this year to stimulate and stabilize the rural economy that has been in an economic downturn for five years, with no turnaround in sight," the letter stated. "It is critical to producers, farm lenders and rural communities that a new farm bill be approved this fall to provide the assurance necessary to plan for next year’s crop production. The new legislation is designed to provide an economic safety net for rural America and eliminate the need for annual ad hoc emergency assistance that Congress has provided for the past four years."
The letter noted that production agriculture, which represents nearly 20 percent of all U.S. economic activity, has not shared in the economic growth of the last decade and has been devastated by depressed commodity prices, declining market opportunities and increasing costs.
Other commodities represented on the letter include wheat, rice, barley, grain sorghum and peanuts. Among farm and financial organizations that signed on were the American Farm Bureau Federation, National Farmers Union, Farm Credit Council, American Bankers Association and Independent Community Bankers Association.
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