Russ Feingold: “I rise today with my friend from Iowa to introduce legislation to give farmers options in identifying a forum to resolve…”

“I rise today with my friend from Iowa to introduce legislation to give farmers options in identifying a forum to resolve disputes with agribusinesses. This legislation is based on our amendment to the Senate-passed Farm Bill that was unfortunately stripped in the conference committee. Our amendment passed by a vote of 64-31, yet it was ultimately taken out due to objections by large agribusiness companies in the backroom negotiations. While our effort then was not successful, I am hopeful that we will be able to pass this legislation and begin to give farmers a fair shot in the marketplace. I am deeply concerned that the concentration of power in the hands of a few large agribusiness firms, companies that can raise a billion dollars on Wall Street at the drop of a hat, is forcing farmers and ranchers to be placed at a competitive disadvantage in the marketplace. These large corporations are using their market power to force independent producers into a position of weakness through unfair contracts and other uses of market leverage. In some cases, the domestic marketplace has become almost noncompetitive for the family farmer. Farmers have fewer buyers and suppliers than ever before. One indication of this dominance is one-sided contracts that favor agribusinesses at the expense of farmers and ranchers. It is of paramount importance that we help restore competition in rural America.”