Rep. Brad Finstad of Minnesota's First District, along with Rep. Jimmy Panetta of California, introduced on Thursday the bipartisan Farm Credit Administration Independent Authority Act, which would prevent the Biden Administration from over-regulating the Farm Credit System.
The legislation affirms that the Farm Credit Administration is the sole and independent regulator of the Farm Credit System and would prohibit the implementation of a rule proposed by the Consumer Financial Protection Bureau (CFPB) that would impose data collection requirements on the Farm Credit System.
“At a time when input costs are at an all-time high, dependable access to credit is critically important for southern Minnesota farmers and producers,” said Rep. Finstad, a Republican from New Ulm. “A well-working Farm Credit System is key to our rural economy, and I am proud to introduce this legislation, which prevents Farm Credit lenders and borrowers from being subject to excessive and unnecessary data reporting requirements.”
Among the co-sponsors of the Farm Credit Administration Independent Authority Act are Minnesota Reps. Michelle Fischbach and Angie Craig.