Congresswoman Julia Letlow Introduces the Farmer Assistance and Revenue Mitigation (FARM) Act
Congresswoman Julia Letlow (LA-05) joined Congressman Trent Kelly (MS-01) in introducing the Farmer Assistance and Revenue Mitigation (FARM) Act of 2024. This legislation addresses the urgent need for immediate economic support for Louisiana farmers facing unprecedented challenges as they approach the crucial lending season for the 2025 crop year.
The FARM Act will give farmers one-time assistance payments and will be a critical resource for farmers in helping them pay down debt relative to the 2024 crop year and assist them in obtaining financing for the 2025 crop year.
This bill would help provide farmers with the resources they need to navigate the current crop year, which has been marked by unpredictable weather, rising production costs, and low harvest yields.
“We wouldn't be able to function as a nation without our agriculture industry and the hardworking farmers who keep it running.” said Congresswoman Letlow. “As I’ve traveled across the Fifth District, I’ve heard directly from farmers who are on the verge of bankruptcy, and desperately need targeted assistance in order to continue feeding our nation and fueling our economy. This bill responds to the immediate needs of our agricultural community by providing targeted assistance so that our farmers are equipped to sustain their operations, support their families, and contribute to the local economy.”
“Farmers have been hit with circumstances outside of their control, such as natural disasters, inflation pressures, and drought, which have crippled their ability to obtain financing from credit and banking institutions. The FARM Act will bridge the gap, providing relief so that our farmers can continue to do their best—feed the nation," said Congressman Kelly.
This bill will:
Provide one-time (1) economic assistance payments to farmers of eligible commodities, including barley, corn, cotton, rice, soybeans, and wheat.
Support farmers whose expected revenues for the 2024 crop year fall below production costs, alleviating financial strain.
Enable farmers to pay down debts and secure financing for the 2025 crop year.
Congresswoman Letlow added: “The FARM Act isn’t just an economic relief measure; it’s an investment in the future of our agricultural industry. Supporting our commodity farmers will give them the support they need to pay off their debt now ahead of the next crop season.”
“Louisiana’s farmers desperately need the help the FARM Act would provide. We have farmers who are facing a third year of severe losses due to record input costs and low commodity prices. Congresswoman Letlow has clearly heard this loud and clear. Farm shortfalls are now compounded by the expiration of the 2018 Farm Bill and the lack of a new Farm Bill as we look toward 2025. Louisiana Farm Bureau is proud to stand with Congresswoman Julia Letlow and thank her for being an original co-sponsor of this well-developed piece of legislation. We're fighting alongside her to get this passed for Louisiana's farmers." said Richard Fontenot, Louisiana Farm Bureau Federation President.
“The LCGA is thrilled at the great work that went in to developing the language included in the FARM Act. It’s most unfortunate that the farm economy is so bleak right now, but this assistance package would provide a much needed reprieve to make up some of the shortfall that so many farmers across the country are facing. This assistance package would allow them to pay down some debt in a time when input costs are through the roof and so many farmers are struggling to keep their operations afloat. We commend Rep. Julia Letlow for all she has done, her leadership and cooperation with her counterparts in Congress to get this much needed bill across the finish line.” said Bobby Skeen, LA Cotton & Grain Association Executive Vice President.
The text of the legislation is available here.