Pulaski Times

U.S. Senate Committee on Agriculture, Nutrition, and Forestry Chairman John Boozman addressed the committee in a hearing focused on the farm economy, emphasizing the need for robust risk management tools and access to credit in rural America. This hearing is part of a series titled “Perspectives from the Field: Risk Management, Credit and Rural Business Views on the Agricultural Economy Part 3.”

Boozman expressed gratitude to the witnesses present, highlighting Ben Noble from Little Rock, Arkansas. He emphasized that more than 70 percent of U.S. counties are rural and agriculture remains a key industry.

“Having time to reflect on what we have heard in the previous two hearings; it is clear to me that a common theme has emerged,” Boozman stated. He stressed the importance of passing a strong five-year Farm Bill this year to support current and future generations of producers.

Boozman pointed out that while there are valuable rural development programs within the Farm Bill, risk management tools are crucial for securing financing necessary for growth. The economic activity generated by agriculture supports local retail operations and provides employment opportunities.

He acknowledged difficult conditions faced by farmers over recent years, noting feedback from agricultural groups about getting a Farm Bill signed into law. Boozman shared concerns from an Arkansas banker who estimated difficulties in securing financing for planting about 20 percent of acres in his state.

“The $10 billion in economic assistance provided at the end of last year is a critical bridge for many farmers to secure 2025 operating loans,” Boozman said. However, he insisted this should not replace a comprehensive five-year farm bill.

The Chairman underscored Congress's need to act swiftly due to rising farm debt levels and loan delinquency rates. He advocated for risk management tools as essential backstops for producers, especially young farmers expected to sustain global food supply efforts.

Boozman concluded by inviting Ranking Member Klobuchar to share her opening comments.