A bill to provide emergency credit relief to financially stressed farmers and ranchers.
Farm Emergency Credit Act of 1985 - Amends the Agricultural Act of 1949 to direct the Secretary of Agriculture to make advance (recourse) price support loans available for 1985 to producers unable to secure sufficient credit elsewhere. Makes up to 50 percent of such crop eligible for advance payments. Permits loan conversion to nonrecourse status upon harvest and availability as loan collateral. Administers such program through the Commodity Credit Corporation and the local farmer committees.
Requires a participating producer to: (1) obtain crop insurance if available; and (2) use his crop as loan collateral.
Limits loans to any single person to $200,000.
Introduced in House
Introduced in House
Referred to House Committee on Agriculture.
Referred to Subcommittee on Conservation Credit and Rural Development.
Executive Comment Requested from USDA.
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