November 14, 1963
PAGE 21899
BILL INTRODUCED
A bill was introduced, read the first time, and, by unanimous consent, the second time, and referred as follows:
By Mr. MUSKIE:
S.2307. A bill to amend the emergency loan authority of the Secretary of Agriculture under subtitle C of the Consolidated Farmers Home Administration Act of 1961 to authorize such loans in areas where credit is not otherwise available because of serious economic conditions for farmers or ranchers; to the Committee on Agriculture and Forestry.
(See the remarks of Mr. MUSKIE when he introduced the above bill, which appear under a separate heading.)
LOANS TO CERTAIN FARMERS OR RANCHERS SUFFERING BECAUSE
OF SERIOUS ECONOMIC CONDITIONS
Mr. MUSKIE. Mr. President, I introduce, for appropriate reference, a bill to amend the loan authority of the Secretary of Agriculture to authorize Farmers Home Administration emergency loans for areas where credit is not otherwise available because of serious economic conditions.
The Aroostook County, Maine, potato industry is in difficult financial straits. Agriculturally, Aroostook is suffering from the economic disability of continuous low potato prices, resulting from a national oversupply. As an area of substantial unemployment, industries and communities within the county have received benefits under the Area Redevelopment Administration and accelerated public works programs. However, the continuing and growing need for farm credit still exists. The Maine office of the Farmers Home Administration has done an excellent job in meeting the farmers' needs, but at present FHA's credit extension capabilities are limited.
This additional lending authority is essential if the credit needs of the industry are to be met.
Since I am certain that other agricultural areas are faced with similar difficult economic conditions, I ask unanimous consent that the bill lie on the table through December 1, in order that my colleagues may have an opportunity to join me in sponsoring the bill.
The PRESIDING OFFICER. The bill will be received and appropriately referred; and, without objection, the bill will lie on the desk, as requested by the Senator from Maine.
The bill (S. 2307) to amend the emergency loan authority of the Secretary of Agriculture under subtitle C of the Consolidated Farmers Home Administration Act of 1961 to authorize such loans in areas where credit is not otherwise available because of serious economic conditions for farmers or ranchers, introduced by Mr. MUSKIE, was received, read twice by its title, and referred to the Committee on Agriculture and Forestry.