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TRA 7.01
Friday, 08 January 2010 18:45

In this issue:

  • USDA Announces Final Rule on Payment Eligibility and Payment Limitations
  • #1 National Production Conference for Farmers Next Week in Tunica, Mississippi!!!
  • Tenor Restrictions on Export Credits Trouble U.S. Producers
  • TRT Rice Americas 2010 with a Caribbean Flavor, April 20-22
  • Mexican School Lunch Program Campaign Ends Successfully
  • General Market Update
Download this file (2010-01-08 TRA.pdf)2010-01-08 TRA.pdf[ ]267 Kb
Last Updated on Monday, 18 January 2010 14:17
 
FCS Letter to Chairman Collin Peterson
Friday, 20 November 2009 15:05

November 16, 2009

 

The Honorable Collin Peterson

Chairman

House Agriculture Committee

1301 Longworth House Office Building

Washington, DC 20515

 

Dear Mr. Chairman:

 

Late last year we sent you a letter raising our strong concerns that the Farm Credit System could get swept up in legislative efforts to deal with those financial institutions that caused our nation’s current financial crisis. We noted that Farm Credit was weathering those tough economic times and continuing to serve production agriculture as a reliable provider of credit even as agriculture was going through a stressful period. Our letter asked specifically that “the Farm Credit System not be swept up in any effort to resolve problems with the housing GSEs, Fannie Mae, Freddie Mac, the commercial banking or securities regulatory structure. Including Farm Credit in these legislative initiatives would undermine the mission that the Agriculture Committees gave Farm Credit some 90 years ago.”

 

Unfortunately, Mr. Chairman, the House Financial Services Committee has recently adopted legislation that does just that. The Consumer Financial Protection Act (CFPA) establishes a new federal agency that is given broad authority to oversee the provision of credit and financial products and services to consumers. While the language of the proposed legislation does not specifically reference the Farm Credit Administration (FCA), the Farm Credit System or the Farm Credit Act, the language of the bill impacts Farm Credit directly. The definitions of “credit”, “consumer financial product”, “covered person”, “financial activity”, “leasing”, “financial product or service”, etc. all capture the Farm Credit System and how it conducts business. Under the bill, Farm Credit System institutions are treated no differently than unregulated finance companies rather than the highly regulated set of federally chartered institutions that they are.

 

In addition, the proposed Financial Stability Improvement Act legislation, that the Financial Services Committee also is considering, would put into place a “wind-down” process for financial institutions that represent a systemic risk to the U.S. economy. As with the CFPA, the proposed Financial Stability Improvement Act largely ignores the Farm Credit System, the FCA and the Farm Credit Act through direct reference; however, because of definitions used in the bill, the Farm Credit System and the FCA could be directly impacted. New regulatory regimes will be established undermining the role of the FCA, the only federal regulator sensitive to Farm Credit’s mission of service to agriculture.

 

Beyond the impact directly on the Farm Credit System, we also worry about the Agriculture Committee’s jurisdiction being usurped. The Agriculture Committee has done an excellent job of ensuring that the Farm Credit System remains strong, serving the needs of or our farmers and ranchers.  The Agriculture Committee has done a commendable job taking the necessary steps to ensure that the Farm Credit System has adequate capital levels, strict regulatory oversight and that taxpayers are protected through a System-funded insurance plan. Few financial institutions in the country have such protections and they are the result of the good work of your committee. We ask that you take whatever steps are necessary to keep the Farm Credit System out of these larger financial institution reform efforts. The possible loss of any of your committee’s jurisdiction to other committees - not nearly so familiar with agriculture - would be devastating to our producers.

 

Sincerely,

 

American Farm Bureau Federation

American Sugar Alliance

National Association of Wheat Growers

National Cattlemen's Beef Association

National Corn Growers Association

National Cotton Council

National Council of Farmer Cooperatives

National Farmers Union

National Sorghum Producers

National Turkey Federation

USA Rice Federation

Last Updated on Friday, 20 November 2009 15:45
 
Impact of the US embargo on Cuba
Saturday, 10 October 2009 11:36

Report regarding the impact of the US embargo on Cuba

  • This important document was presented at the GENERAL ANNUAL MEETING of the UNITED NATIONS
Last Updated on Friday, 19 February 2010 11:55
 
USRPA Supports USDA’s Office of Pest Management Policy
Friday, 25 September 2009 13:22
USRPA joined 34 other agricultural interest organizations in writing USDA Secretary Tom Vilsack to advocate for funding for USDA’s Office of Pest Management Policy (OPMP) and the appointment of a Special Assistant to the Secretary for Pest Management Policy.  OPMP was established in 1998 and was recently reauthorized in the 2008 Farm Bill.  The office has served as a key liaison between agricultural producers, USDA and regulatory agencies such as the Environmental Protection Agency.  The office also helps to fund and coordinate important research, risk assessments and promotion of integrated pest management.  The past Director of the office retired at the beginning of the year and the groups are encouraging Secretary Vilsack to promptly fill the position.

 

Last Updated on Friday, 25 September 2009 13:25
 
Notice: Mexico Enforces Phytosanitary Certificate Requirements
Friday, 25 September 2009 12:08
As of October 1, 2009, Mexico's national plant protection organization (SENASICA) will start strict enforcement of its requirement that an original APHIS phytosanitary certificate be presented before they will clear grain and oilseed consignments for entry into Mexico.  To read a copy of the most recent notice, please download the PDF below.
Last Updated on Friday, 25 September 2009 14:24
 
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