BALE Act of 2023
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jan 26, 2023)
Beginning Agriculturalist Lifetime Employment Act of 2023 or the BALE Act of 2023
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 happenedFeb 13, 2023
Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
Who’s behind it
- Introduced in HouseJan 26, 2023
- Feb 13, 2023Committee
Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
General Farm Commodities, Risk Management, and Credit Subcommittee - Jan 26, 2023IntroReferralH11100
Referred to the House Committee on Agriculture.
Agriculture Committee - Jan 26, 2023IntroReferralIntro-H
Introduced in House
- Jan 26, 2023IntroReferral1000
Introduced in House