THE WHITE HOUSE
Office of the Press Secretary
STATEMENT BY THE PRESIDENT
I am pleased to sign into law H.R. 882, a bill that will accelerate the availability of federally guaranteed loans to our Nation's farmers and ranchers to give them continued access to credit that is necessary to operate their farms and ranches.
The U.S. Department of Agriculture (USDA) estimates that it will soon exhaust the funds available to guarantee loans for farm ownership and operations. This bill will make available more than $450 million in guarantees to qualified farmers and ranchers. Normally, these funds are reserved for beginning farmers and ranchers until April 1, when they are made available to all qualified farmers and ranchers. This bill will not affect a separate reserve for minority farmers.
These additional amounts, however, will not fully address the unprecedented increase in demand for USDA financing caused by low commodity prices, which are expected to continue. For this reason, I recently submitted to the Congress an emergency supplemental request for an additional $1.1 billion in USDA loan authority. I call on the Congress to work expeditiously to include these amounts in a supplemental bill I can sign that does not include unwise and unnecessary offsets.
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