118th Congress Agriculture and Food
S. 5231: Farm Ownership Improvement Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill directs the Department of Agriculture (USDA) to establish a pilot program to implement a pre-qualification or pre-approval process for farmers and ranchers for direct farm ownership loans. As background, the Farm Service Agency Direct Loan Program provides Farm Ownership Loans to farmers and ranchers for the purchase and development of farm property.
Under the five-year pilot program, USDA must prioritize outreach to organizations that have demonstrated engagement with beginning farmers or ranchers.
In addition, USDA may make use of alternative methods, including financial benchmarking, to reliably evaluate the financial viability of a participant in the pilot program and the likelihood of repayment of the applicable loan.
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USDA must submit an annual report to Congress on the pilot program, which must include a description of the program's performance outcomes and a recommendation as to the pilot program's value.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- John Hoeven R-NDOriginal
- Tina Smith D-MNOriginal
Who scored on this bill
- 1Peter Welch SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Peter Welch
History
- Introduced in the Senate by Peter Welch.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.