BALE Act of 2021
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Mar 26, 2021)
Beginning Agriculturalist Lifetime Employment Act of 2021 or the BALE Act of 2021
This bill revises the limits for the Department of Agriculture (USDA) 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.
The bill also (1) prohibits USDA from guaranteeing a loan under the program that exceeds $4 million, and (2) requires USDA to adjust the limits annually for inflation.
What just happenedJun 15, 2021
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Who’s behind it
- Introduced in HouseMar 26, 2021
- Jun 15, 2021Committee
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Commodity Markets, Digital Assets, and Rural Development Subcommittee - Mar 26, 2021IntroReferralH11100
Referred to the House Committee on Agriculture.
Agriculture Committee - Mar 26, 2021IntroReferralIntro-H
Introduced in House
- Mar 26, 2021IntroReferral1000
Introduced in House