As the U.S. House of Representatives, on the second try, passed a bill designed to rescue the nation’s troubled financial system, Texas’ largest farm organization praised members of the Texas Congressional delegation that voted yes on the plan.
“This was a tough vote,” said Steve Pringle, Legislative Director of the Texas Farm Bureau. “No one feels really good about this situation, but this vote and this rescue plan was necessary.”
In a statement earlier this week, the American Farm Bureau Federation said, “There are many hard-working farm families in this nation who have been financially conservative. They have paid their bills every month. Rural residents, among others, have sacrificed to keep their mortgages current. All of these families will be severely hurt through no fault of their own if action is not taken soon to bring stability to the financial markets.”
Pringle said there are other components of the bill that will help Texas farmers and ranchers.
“Extension of the Alternative Minimum Tax, deduction of state sales taxes and the Renewable Energy Tax Credit are all important to Texas agriculture and are included in the package,” Pringle said.
He noted that major banks have failed weekly and other banks have had to infuse $60 million into Farmer Mac to keep it solvent.
“All of that could negatively impact farm credit, which would be a disaster for farmers and ranchers who are approaching another crop year, when operating loans will be needed,” Pringle said.