This week, American Farm Bureau Federation President Zippy Duvall told lawmakers low commodity prices and falling net farm income are increasing the financial pressure on farms.
“The bottom line is that farmers and ranchers are being forced to tighten their belts and pay much closer attention to their financial situation,” Duvall told the U.S. House Subcommittee on General Farm Commodities and Risk Management.
“They will be in greater need of safety net and risk management programs than has been the case for some time—for some, since they started farming,” he said.
A long list of bad economic news—decreasing cotton and milk prices and more—was included in his testimony.
Duvall also urged lawmakers to approve the Trans-Pacific Partnership, which can help raise overall farm income without adding to government spending. And he encouraged them to ditch the Waters of the U.S. rule, which will place additional costs and burdens on farming and ranching.
Duvall noted lawmakers could help the farm economy by establishing a nationwide labeling standard for genetically modified food to avoid a patchwork of state laws.
Duvall’s complete testimony can be found here.