H.R. 3509: Agricultural Credit Act of 2009

H.R. 3509

Agricultural Credit Act of 2009

Sponsor
Rep. Collin C. Peterson

Date
March 17, 2010 (111th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

H.R. 3509 is expected to be considered on the floor of the House on March 17, 2010, under a motion to suspend the rules, requiring a two-thirds vote for passage. The legislation was introduced by Rep. Colin Peterson (D-MN) on July 31, 2009. The Committee on Agriculture ordered the bill to be reported by voice vote on March 3, 2010.

 

 

Bill Summary

H.R. 3509 amends the Agricultural Credit Act of 1987 to authorize appropriations for Fiscal Years 2011-2015 for State agricultural loan mediation programs. Under current law, the authorization would expire after Fiscal Year 2010. The authorization level per fiscal year is $7.5 million.

Background

This matching grant program helps mediate credit disputes between agricultural producers and their creditors. Under current law, the grants fund State agricultural programs that help agricultural producers, their creditors, and various agencies of the Department of Agriculture resolve loan problems and related disputes.

Cost

CBO estimates that implementing H.R. 3509 would cost $37 million over five years, assuming appropriation of the authorized amounts.