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.