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Adds businesses that provide services to producers or harvesters of aquatic products to the list of entities eligible to receive credit and financial services from Farm Credit banks and production credit associations. The change amends two provisions of the Farm Credit Act to insert that new eligible category and updates punctuation and paragraph numbering accordingly. The amendment is narrowly targeted: it expands the Farm Credit System’s statutory borrower/borrower‑support definition to explicitly include service firms that support fisheries and aquaculture supply chains. The text shows a cross-reference to another subsection but the inserted language for that cross-reference was not included in the excerpt provided.
Amend Section 1.9 of the Farm Credit Act (12 U.S.C. 2017) for farm credit banks by: (a) striking the word "or" at the end of paragraph (2); (b) redesignating current paragraph (3) as paragraph (4); and (c) inserting a new paragraph (3) that reads: "persons furnishing to producers or harvesters of aquatic products services directly related to their operating needs; or." This makes those service providers an explicit category in the eligibility provisions for credit and financial services for farm credit banks.
Amend Section 1.11(c)(1) of the Farm Credit Act (12 U.S.C. 2019(c)(1)) by inserting additional text (the excerpt shows the amendment action but does not include the text to be inserted in the provided document).
Amend Section 2.4(a) of the Farm Credit Act (12 U.S.C. 2075(a)) for production credit associations by: (a) striking "and" at the end of paragraph (2); and (b) striking the period at the end of paragraph (3) and inserting new punctuation as indicated (the exact inserted punctuation/text after paragraph (3) is not shown in the excerpt). These are textual/punctuation changes to prepare for adding a new paragraph.
Add a new paragraph (4) to Section 2.4(a) of the Farm Credit Act that states: "persons furnishing to producers or harvesters of aquatic products services directly related to their operating needs." This explicitly includes those service providers among parties covered under Section 2.4(a) for production credit associations.
Primary beneficiaries are businesses that provide services to producers or harvesters of aquatic products — including onshore and offshore support firms such as cold‑storage operators, transport and logistics providers, gear and vessel service contractors, processors, and other service firms linked to commercial fishing and aquaculture. By adding these service providers to the Farm Credit Act’s list of eligible recipients, the legislation makes it clearer that Farm Credit System banks and production credit associations may provide credit and financial services to them. That can increase access to long‑term and sector‑tailored financing, lower borrowing costs relative to non‑agricultural lenders, and strengthen supply‑chain capacity for seafood and aquaculture producers.
Other impacts: Farm Credit institutions will likely update borrower eligibility policies and outreach materials; regulators and examiners may note the expanded eligible class when reviewing portfolios. There is no direct new federal spending or appropriation in the excerpt; therefore fiscal impact is limited to changes in statutory borrower eligibility rather than program funding. Because the amendment is narrowly focused, impacts on unrelated stakeholders and states/localities are minimal. The omitted cross‑reference language could require review in the full text to ensure consistency across statutory subsections before implementation.
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Inserts a new eligibility paragraph for persons furnishing services to producers or harvesters of aquatic products and redesignates the existing paragraph (3) as paragraph (4); also adjusts punctuation in paragraph (2).
Amends the Farm-related services provision to add persons furnishing services to producers or harvesters of aquatic products to the class of persons eligible for loans under subsection (c)(1).
Adds a new paragraph expanding short- and intermediate-term loan eligibility to include persons furnishing services to producers or harvesters of aquatic products and adjusts punctuation in the preceding paragraphs to accommodate the addition.
Referred to the House Committee on Agriculture.
Introduced March 31, 2025 by Chellie Pingree · Last progress March 31, 2025
Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
Referred to the House Committee on Agriculture.
Introduced in House