Beginning Farmer and Rancher Guaranteed Loan Modernization Act of 2016
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jul 12, 2016)
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.
What just happenedAug 30, 2016
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Who’s behind it
- Introduced in HouseJul 12, 2016
- Aug 30, 2016Committee
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Commodity Markets, Digital Assets, and Rural Development Subcommittee - Jul 12, 2016IntroReferralH11100
Referred to the House Committee on Agriculture.
Agriculture Committee - Jul 12, 2016IntroReferralIntro-H
Introduced in House
- Jul 12, 2016IntroReferral1000
Introduced in House