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RCP Congressional Bill Tracker - H.R. 5733

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H.R. 5733: Beginning Farmer and Rancher Guaranteed Loan Modernization Act of 2016

Title: Beginning Farmer and Rancher Guaranteed Loan Modernization Act of 2016

Introduced: Jul 12, 2016 (114th Congress)

Sponsor: Rep. Mike Bost [R-IL12]

Status: Referred to Committee - Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Summary: Beginning Farmer and Rancher Guaranteed Loan Modernization Act of 2016 This bill amends the Agricultural Act of 1961 to revise the limits for the Department of Agriculture's (USDA's) conservation loan guarantee program. The bill replaces the existing 80% limit on the portion of a loan that USDA may guarantee with limits that range from 80%-90%, depending on the principal amount of the loan. For socially disadvantaged or beginning farmers or ranchers, the bill replaces the existing 90% limit with limits that range from 85%-95%, depending on the principal amount of the loan. USDA may not guarantee a loan under the program that exceeds $3.5 million.

Votes


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