Peterson Statement at Hearing to Review the Farm Credit System

“Thank you Mr. Chairman and good morning everyone. And welcome today’s witnesses.

“The topic of today’s hearing is very timely, given what’s happening across the countryside right now. Commodity prices have fallen, and will likely continue to fall, and land values continue to increase. This has a lot of farmers asking if they will have access to the financing they need for the next planting season.

“Access to credit is one of the most important tools we can provide to our farmers and ranchers. The farm bill’s commodity programs work hand in hand with the crop insurance program to provide a safety net to ensure continued access to credit. Having a crop insurance policy in place gives lenders the certainty to know farmers will make good on their commitment and pay back their loans even during difficult times.

“So, with that said, I look forward to today’s testimony and I yield back.”