U.S. Senators Propose Bill to Extend Audit Cycle for Farm Lenders, Aiming to Reduce Regulatory Burden
U.S. Senators John Cornyn and Tim Kaine have introduced a bipartisan bill, the Farm Credit Adjustment Act, which aims to reduce regulatory pressure on farm credit institutions. The bill proposes extending the audit cycle for low-risk institutions regulated by the Farm Credit Administration from the current 18 months to 24 months, when deemed appropriate. This change is intended to help farm credit organizations save time and reduce compliance costs, allowing them to focus more on serving farmers, agribusinesses, and rural communities. Senator Cornyn emphasized the importance of not burdening farmers with arbitrary federal regulations, while Senator Kaine highlighted agriculture as a key industry in Virginia and the need to support farm credit institutions to strengthen rural economies. 
