[Congressional Record (Bound Edition), Volume 157 (2011), Part 5]
[Extensions of Remarks]
[Pages 6334-6335]
[From the U.S. Government Publishing Office, www.gpo.gov]




 INTRODUCTION OF THE CREATING REAL OPPORTUNITIES FOR PROSPERITY (CROP) 
                                  ACT

                                 ______
                                 

                        HON. STEPHEN LEE FINCHER

                              of tennessee

                    in the house of representatives

                         Friday, April 15, 2011

  Mr. FINCHER. Mr. Speaker, I rise today to discuss an issue that 
greatly affects agricultural employment in my district and across the 
country. Against the backdrop of a beleaguered economy still recovering 
from the recession many small community banks have been unable to 
extend loans to farmers. Credit is needed to hire new employees, 
purchase seed, fertilizer, and fuel, all of which creates economic 
opportunity and subsequently produces jobs. The Farm Service 
Administration in the United States Department of Agriculture makes 
direct loans and loan guarantees to farmers who cannot qualify for 
regular credit. These loans allow farmers to continue growing rural 
economies and producing a safe and secure food supply.
  The Farm Security and Rural Investment Act of 1992 provided banking 
institutions to extend credit to farmers for a 15 year period. During 
the 111th Congress, the extension of term limits was allowed to expire 
on December 31, 2010, leaving family farmers without the ability to 
receive much needed operating loans to run the farm and hire employees. 
That is a why I am proud to introduce the Creating Real Opportunities 
for Prosperity Act, otherwise known as the CROP Act, which suspends the 
term limits and extends the period for guaranteed credit to December 
13, 2013. This will provide much needed access to loans for farmers.
  Farm operating loan term limits will be addressed by the next Farm 
Bill and this suspension of term limits will allow the members of the 
House Committee on Agriculture to determine what solution or changes 
need to be made while providing the security for community banks and 
farmers.
  Mr. Speaker, I urge my colleagues in the House (and Senate) to 
support me in passing

[[Page 6335]]

the CROP Act and bring stability to rural economies.

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