[Congressional Record Volume 150, Number 53 (Thursday, April 22, 2004)]
[Extensions of Remarks]
[Page E620]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  INTRODUCTION OF A BILL TO EXTEND THE FARM CREDIT ACT OF 1971 TO THE 
                            FISHING INDUSTRY

                                 ______
                                 

                         HON. FRANK A. LoBIONDO

                             of new jersey

                    in the house of representatives

                        Thursday, April 22, 2004

  Mr. LoBIONDO. Mr. Speaker, the Farm Credit Act of 1971 allows the 
Farm Credit Administration to oversee and regulate banks and 
associations to provide long-term and short-term credit and financial 
services to farmers, ranchers, producers, and commercial fishermen in 
all 50 States and the Commonwealth of Puerto Rico. In many parts of the 
country, Farm Credit is an important and significant lender to the 
farming and commercial fishing industry. Over one-fourth of the total 
credit used by farmers and fishermen derives from the FCA through a 
network of Farm Credit Banks, Federal Land Banks, Production Credit 
Associations, and Banks for Cooperatives.
  Under the current law, Farm Credit institutions are also authorized 
to finance individuals furnishing farm-related services related to 
their operating needs including custom fertilizers, irrigation 
installation, and land leveling services. It has been brought to my 
attention by a local Farm Credit institution in my District that a 
similar authorization to provide credit and financial services for 
individuals furnishing services to producers and harvesters of aquatic 
products does not exist. As a result of this limitation, Farm Credit 
institutions are not authorized to finance businesses such as boat 
repair shops, net makers, ice suppliers, or dock operations that 
provide necessary services for commercial fisherman.
  This omission in the Farm Credit Act means that Farm Credit 
institutions cannot serve the commercial fishing industry in the same 
manner that they currently serve the farming industry. The Farm Credit 
Act clearly states that it includes fishermen, but then does not go on 
to include those who support the industry in the same way it includes 
those that support the farming industry.
  An amendment is needed to the Farm Credit Act to authorize Farm 
Credit institutions to serve businesses that provide services related 
to the operating needs of producers and harvesters of aquatic products. 
This bill would extend the Farm Credit Act to numerous commercial 
fishing industry providers such as boat repair shops and dock operators 
that provide the necessary business needs to these fishermen.
  I urge my colleagues in the House to support this legislation.

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