South Dakota Man Testifies in Washington on Farm Bill
Nathan Franzen, president of agri-business at First Dakota National Bank in Yankton, South Dakota, testified on behalf of The American Bankers Association in Washington on Tuesday. This is according to a press release from Sarah Grano, Media Contact for ABA.
The ABA testified before the House of Representatives Agriculture Committee’s Commodity Exchanges, Energy, and Credit Subcommittee. Giving perspective on credit issues in the upcoming Farm Bill and the importance of credit for rural communities.
Franzen emphasized the critical role banks play in the agricultural economy as a primary source of credit to the nation’s farmers and ranchers.
He also discussed the successes of the 2014 Farm Bill, including its protection of crop insurance, the Conservation Reserve Program (CRP), and the removal of term limits on FSA Guaranteed Loan Programs.
“The most important change that should be made to the next Farm Bill is an increase to the current loan limit on FSA Guaranteed Loans,” Franzen said, referring to the current $1.399 million limit. See Franzen's full testimony.