Tom Harkin: “For Senators who did not hear the debate earlier, for almost 60 years…”

On the recordFebruary 7, 1996

For Senators who did not hear the debate earlier, for almost 60 years we have allowed the farmers to borrow from the Commodity Credit Corporation using grain and commodities as collateral at interest rates based on Treasury rates. This bill raises the interest rate 1 full percentage point. There is no good reason for that. There are those who argue farmers ought to be like other people out there, borrowing at commercial rates. Large grain companies, and the large producers can go get the prime rate. My family farmers in Iowa have to go to the local bank and pay prime plus 3. There is no reason to raise these CCC interest rates 1 percent. It is a $260 million tax on farmers. Mr. President, $260 million more that farmers will have to pay into the Treasury over the next 7 years that is not needed, and it will hurt our family farmers.

Said by

Tom Harkin

Democratic · Iowa

Source

govinfo.gov

Editor's note · Context

Discussing the impact of a proposed interest rate increase on farmers during Senate debate.

Share on X Share on Facebook Email this quote

Tom Harkin: “For Senators who did not hear the debate earlier, for almost 60 years we have allowed the farmers to borrow from the…”

Editor's note · Context