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Emergency Agricultural Credit Adjustment Act Extension Statement on Signing S. 2269 Into Law.

March 30, 1980

I am pleased to sign into law today S. 2269, to extend the economic emergency loan program through September 1980 and to increase the capital available under that program by $2 billion. The Farmers Home Administration's economic emergency loan funds are now exhausted. The operating credit that farmers need to plant their spring crops is extremely tight. The need to renew and extend this program is critical.

In a period of overall fiscal restraint and economic sacrifice, it is important that we not allow the economic viability of our agricultural sector to be undermined. This measured response, in combination with the actions Secretary Bergland is taking to purchase wheat and feed grains, will provide needed relief.

I have directed Secretary Bergland to ensure that these loans are primarily used to cover operating expenses and that they go where credit is tightest and to those farmers who need it most—in many cases, farmers who could not produce another crop without this assistance.

I want to take this opportunity personally to thank Chairman Talmadge of the Senate Agriculture Committee and Chairman Foley of the House Agriculture Committee for their dedicated leadership in securing passage of this bill.

Note: As enacted, S. 2269 is Public Law 96220, approved March 30.

Jimmy Carter, Emergency Agricultural Credit Adjustment Act Extension Statement on Signing S. 2269 Into Law. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/250386

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