Sens. Tammy Baldwin, D-Wisconsin, and John Thune, R-South Dakota, are urging the federal government to give local banks and credit unions the flexibility they need to help farmers navigate through tough economic conditions.
In a letter to financial regulators from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the National Credit Union Administrator the senators write, "Many farmers and ranchers have experienced financial stress due to declining net farm income in recent years, trade uncertainty, and last year’s difficult growing season. We remain hopeful that the agriculture economy will begin to improve, particularly as new trade agreements are put in place. In the meantime, however, we believe financial regulators can help farmers and ranchers by ensuring community financial institutions have adequate regulatory flexibility to meet their needs.”
"Wisconsin is leading the nation in farm bankruptcies and our local banks and credit unions can step in right now and help provide farmers the support they need to get through these tough times," Baldwin said.
Read the letter here.