February 11, 1965
Page 2615
LOANS TO 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.
This legislation can serve as a valuable aid to agricultural groups throughout the Nation. Apple farmers in Washington, cattle ranchers in the West, potato farmers in Maine as well as other agricultural groups would receive consideration for loans when prices to the producer are below his costs of production.
At present, prices for Maine potatoes are at a relatively high level. The provisions of this legislation would not apply. However, if potato prices become depressed, the mechanism would be there to assist the farmer in his time of financial peril.
The Farmers Home Administration in Maine and throughout the Nation has done an excellent job in meeting the credit needs of the small farmer, but the administration needs this additional tool. The lending authority provided in this legislation is essential if our Nation's pressing agricultural credit needs are to be met.
The VICE PRESIDENT. The bill will be received and appropriately referred.
The bill (S. 1126) 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 (for himself and other Senators), was received, read twice by its title, and referred to the Committee on Agriculture and Forestry.